Paul Krugman

Paul Krugman is professor of Economics and International Affairs at Princeton University and a regular columnist for The New York Times. Krugman was the 2008 recipient of the Nobel Prize in Economics. He is the author of numerous books, including The Conscience of A Liberal, The Return of Depression Economics, and his most recent, End This Depression Now!.

Articles by this author

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Friday, May 08, 2009
Stressing the Positive
Hooray! The banking crisis is over! Let's party! O.K., maybe not. In the end, the actual release of the much-hyped bank stress tests on Thursday came as an anticlimax. Everyone knew more or less what the results would say: some big players need to raise more capital, but over all, the kids, I mean the banks, are all right. Even before the results were announced, Tim Geithner, the Treasury secretary, told us they would be "reassuring." But whether you actually should feel reassured depends on who you are: a banker, or someone trying to make a living in another profession.
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Monday, April 27, 2009
Money For Nothing
On July 15, 2007, The New York Times published an article with the headline "The Richest of the Rich, Proud of a New Gilded Age." The most prominently featured of the "new titans" was Sanford Weill, the former chairman of Citigroup, who insisted that he and his peers in the financial sector had earned their immense wealth through their contributions to society.
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Friday, April 24, 2009
Reclaiming America’s Soul
"Nothing will be gained by spending our time and energy laying blame for the past." So declared President Obama, after his commendable decision to release the legal memos that his predecessor used to justify torture. Some people in the political and media establishments have echoed his position. We need to look forward, not backward, they say. No prosecutions, please; no investigations; we're just too busy.
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Monday, March 30, 2009
America the Tarnished
Ten years ago the cover of Time magazine featured Robert Rubin, then Treasury secretary, Alan Greenspan, then chairman of the Federal Reserve, and Lawrence Summers, then deputy Treasury secretary. Time dubbed the three "the committee to save the world," crediting them with leading the global financial system through a crisis that seemed terrifying at the time, although it was a small blip compared with what we're going through now.
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Friday, March 27, 2009
The Market Mystique
On Monday, Lawrence Summers, the head of the National Economic Council, responded to criticisms of the Obama administration's plan to subsidize private purchases of toxic assets. "I don't know of any economist," he declared, "who doesn't believe that better functioning capital markets in which assets can be traded are a good idea."
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Monday, March 23, 2009
Financial Policy Despair
Over the weekend The Times and other newspapers reported leaked details about the Obama administration's bank rescue plan, which is to be officially released this week. If the reports are correct, Tim Geithner, the Treasury secretary, has persuaded President Obama to recycle Bush administration policy - specifically, the "cash for trash" plan proposed, then abandoned, six months ago by then-Treasury Secretary Henry Paulson. This is more than disappointing. In fact, it fills me with a sense of despair.
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Saturday, March 21, 2009
Despair Over Financial Policy
The Geithner plan has now been leaked in detail . It's exactly the plan that was widely analyzed - and found wanting - a couple of weeks ago. The zombie ideas have won.
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Monday, March 09, 2009
Behind the Curve
President Obama's plan to stimulate the economy was "massive," "giant," "enormous." So the American people were told, especially by TV news, during the run-up to the stimulus vote. Watching the news, you might have thought that the only question was whether the plan was too big, too ambitious. Yet many economists, myself included, actually argued that the plan was too small and too cautious. The latest data confirm those worries - and suggest that the Obama administration's economic policies are already falling behind the curve.
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Friday, March 06, 2009
The Big Dither
Last month, in his big speech to Congress, President Obama argued for bold steps to fix America's dysfunctional banks. "While the cost of action will be great," he declared, "I can assure you that the cost of inaction will be far greater, for it could result in an economy that sputters along for not months or years, but perhaps a decade."
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Friday, February 27, 2009
Climate of Change
Elections have consequences. President Obama's new budget represents a huge break, not just with the policies of the past eight years, but with policy trends over the past 30 years. If he can get anything like the plan he announced on Thursday through Congress, he will set America on a fundamentally new course. The budget will, among other things, come as a huge relief to Democrats who were starting to feel a bit of postpartisan depression. The stimulus bill that Congress passed may have been too weak and too focused on tax cuts.
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