Mindworks’ Weblog

Thinking Matters

Krugman on the meltdown

Posted by Andrew Cooper on February 7, 2009

I’ve been very unfair to economists here, once or twice suggesting the fact that very few of them appeared to notice the looming Global Economic Meltdown reflected badly on their profession.

This, however, is an economist who is worth listening to.  I’ve felt for some time that adversarial party politics simply can’t cope with the depth of our current economic crisis.  Krugman feels the same way, I think.  For example:

‘Somehow, Washington has lost any sense of what’s at stake — of the reality that we may well be falling into an economic abyss, and that if we do, it will be very hard to get out again.

It’s hard to exaggerate how much economic trouble we’re in. The crisis began with housing, but the implosion of the Bush-era housing bubble has set economic dominoes falling not just in the United States, but around the world.’

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