Monday, October 13, 2008

Go, Hindrocket!

John Cole awards Minnesota's own John Hindraker the Golden Wingnut Award:

...but after being staggeringly wrong on so many issues across such a wide spectrum, you would think the PowerLine folks would take just a moment for self-reflection. That would be only human.

And some vintage "Hindrocket", via Balloon Juice:

It must be depressing to be Paul Krugman. No matter how well the economy performs, Krugman’s bitter vendetta against the Bush administration requires him to hunt for the black lining in a sky full of silvery clouds. With the economy now booming, what can Krugman possibly have to complain about? In today’s column, titled That Hissing Sound, Krugman says there is a housing bubble, and it’s about to burst…

There are, of course, obvious differences between houses and stocks. Most people own only one house at a time, and transaction costs make it impractical to buy and sell houses the way you buy and sell stocks. Krugman thinks the fact that James Glassman doesn’t buy the bubble theory is evidence in its favor, but if you read Glassman’s article on the subject, you’ll see that he actually makes some of the same points that Krugman does. But he argues, persuasively in my view, that there is little reason to fear a catastrophic collapse in home prices.

Krugman will have to come up with something much better, I think, to cause many others to share his pessimism.

Congrats also to Prof. Krugman, who won the Nobel Prize for Economics today.


Jeff Rosenberg said...

Wait, it gets worse! Check out this morning's Power Line:

"The Nobel Prize is just another example of an institution whose veneration once crossed ideological lines, but that the left has long since captured. Other such institutions include the NAACP, the New York Times, Amnesty International, and (though it was never really venerated) the American Bar Association. The left's "long march" through these institutions has deprived them of their credibility and their status as honest brokers."

Strong said...

As a friend of mine says, I wonder what color the sky is, in his world!