Ep. 223 Krugman Unwittingly Agrees the Fed Has Driven Stock Market Since 2007
Contra Krugman
Tom Woods
4.7 • 822 Ratings
🗓️ 11 May 2020
⏱️ 28 minutes
🧾️ Download transcript
Summary
In his attempt to praise Powell and criticize Trump, Krugman admits that the "real economy" is in terrible shape, and that the stock market has done well only because of low interest rates and the Fed's emergency actions. Krugman says this pattern holds not only for our post-covid world, but ever since the mid-2000s. He thus ironically agrees with Austrian critics who've warned for years that the Fed was blowing up massive asset bubbles.
Transcript
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| 0:00.0 | Contra Krugman, episode 223. |
| 0:05.8 | Welcome to the podcast that takes apart Paul Kruikman's New York Times column. |
| 0:10.5 | Join us as Tom Woods and Bob Murphy teach economics by uncovering and dissecting the arrows of Krugman. |
| 0:16.4 | Nobel Prize winner, newspaper columnist, and destroyer of nations. |
| 0:20.5 | It's time for Contra Krugman. |
| 0:24.7 | Folks, if you like Contra Krugman the podcast, you're going to love Contra Krugman |
| 0:28.7 | the book. |
| 0:29.8 | It's not transcripts of the podcast episodes. |
| 0:32.1 | No, it's a compilation of just about every anti-Krugman column that I've written over the years, |
| 0:38.6 | organized by topic, all kinds of great stuff in here, and it's narrated by none other than |
| 0:44.0 | Tom Woods. To get a copy, go to contra Krugman book.com. Hey everyone, welcome to another episode |
| 0:50.9 | of Contra Krugman. It is is just bob today tom is off doing something important |
| 0:56.2 | in fact as we speak he's meeting with 23 lieutenant governors from around the country giving a detailed |
| 1:02.6 | powerpoint presentation on why they should end the lockdown i'm just kidding that tom's not doing any |
| 1:07.3 | such thing he is doing something important, and he couldn't make it. |
| 1:14.2 | We had a lot going on. I said, you know what? I'll just do it myself, Tom. And he agreed. |
| 1:23.9 | So today's column is the April 30th, 2020, Krugman column titled, Crashing Economy, Rising Stocks, colon, what's going on? And the subtitle is, what's bad for America is sometimes good for the |
| 1:29.9 | market. So let me go ahead and just read the opening paragraph here. The economic news has been |
| 1:35.8 | terrible. Never mind Wednesday's GDP report for the first quarter, an economy contracting in an |
| 1:40.9 | annual rate of almost 5% would have been considered very bad in normal times, |
| 1:45.0 | but this report only captured the first few drops of a torrential downpour. |
| 1:49.0 | More timely data show an economy falling off a cliff. |
... |
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