Paul Krugman: “The Greatest Economic Contraction in History”

April 13, 2020

I was fortunate to have a conversation with Nobel Economist and New York Times columnist Paul Krugman in prepping for my most recent Yale Climate Connections video – check that here if you have not yet seen.

There was much more than I could include in the original vid, so I’m publishing more of his comments here.

21 Responses to “Paul Krugman: “The Greatest Economic Contraction in History””

    • dumboldguy Says:

      Peek-a-boo—-We see you, Chucky! Posting inane and irrelevant things across a number of threads WILL get you noticed.

      • Sir Charles Says:

        Your reply is really relevant, dumboldshyster. Congrats.

        • dumboldguy Says:

          Yes it is, Chucky——highly relevant. Why DO you post so many inane and irrelevant things across so many threads?

          • Sir Charles Says:

            Listen to the interviews above. Maybe you will find the link (but I have no hope TBH). The real question is, why are you constantly lying when it comes to my comments? Maybe I should just ignore your paranoid crap.

          • dumboldguy Says:

            Is Chuck really Donald Trump in disguise? Is that why instead of ever making any sort of substantive reply he calls my comments “fake news”, accuses me of lying, and calls me names? Works for Trump with his moronic “base” but is not likely to gain much traction on Crock.

            Of course, since he is such a very stable genius, Clucky has no hope of understanding any of this—-maybe it would be best if he did ignore my “crap”—-then he could avoid having his brains beaten in for the third (or is it fourth?) time.

        • greenman3610 Says:

          Please guys, find something else to do.

          • Sir Charles Says:

            Sorry, Peter. Will try to ignore this guy and his ad hominem attacs in future.

          • dumboldguy Says:

            Can’t speak for Clucky, but I myself DO have many better things to do than watch “The Chucky Show”, which is appropriate only for low-IQ children. Please don’t set up some sort of false equivalency regarding our participation on Crock—-I would find that beyond insulting.

            On thing I would like to do instead is explore Crock without having to wade through his incessant and narcissistic posting of inane and irrelevant crap. I would like to be able to concentrate on the posts from folks like Redskylite, Jimbills, and Indy222—-posts that contain valuable insights and links—rather than be distracted by pics of cigarette pack anti-fracking warnings, links to a three-years-dead shale gas site in Ireland, and the ever popular graph with the recent temperature spike. I’m sure any of us that are serious about climate change are already subscribers to Skeptical Science, Inside Climate, The Guardian, Desmogblog, (and were to Shale Gas Ireland).

            I would love to see Chucky engage any of us in a discussion of the science of climate change—-that’s something “else” HE could do.

          • Sir Charles Says:

            What do the others think? If they think my posts are irrelevant I’ll be happy to unsubscribe from this blog.

          • redskylite Says:

            I enjoy reading both of your posts and views immensely – but I hate your petty arguing and bickering – please do not unsubscribe, but try to ignore (and not respond) what you find irritating, it distracts and ruins the readability of posts.

          • Brent Jensen-Schmidt Says:

            How about candles at two paces?

  1. jimbills Says:

    Good catch.

    I can just talk about my personal experiences. For a small business owner in a non-essential field, there are two choices – take a loan, or hope the PPP qualifies as a grant. To me, taking a loan is a last ditch sort of thing. I don’t have employees, I’m essentially a contractor, and there’s no guarantee the coronavirus layoffs and shutdowns won’t kick off at least a deep recession. So, if that happens, I’d be looking at higher bills with debt repayment and lowered income due to a weakened economy. It’s a recipe for failure.

    The loans, assuming one has decent credit, are easier to get than the PPP grant/loans. There’s a lot of paperwork with the PPP process and it has to be worked with a bank that one personally uses. I was a few days late to understand the process and contact my bank, which I did last week. They put me on a waiting list, and I’m waiting for a return call just to start the process.

    In that case, as long as the money is used for payroll or business expenses (like phone, internet, and lease), it is promised to be forgiven. There’s no absolute guarantee for that as far as I can tell, but the word is that it will happen. But the banks loaning/granting the money could easily make it very difficult for forgiveness, or the government could tie up the system and make it very difficult for the banks to process them.

    The rest of the money for small businesses is loans. Essentially, debt means the very, very rich get richer in the long run, and everyone else gets poorer. It will help some businesses stay in business in the short run, but in the long run, it doesn’t help.

    I lost a quarter of my yearly income due to cancelled jobs in one week in March. I’m assuming this will last well into summer, so that’s another quarter. Because it’s just myself, I can last longer than those with a lot of overhead, but it’s not pretty. I’ve been trying to game plan this, and every route I see has economic turmoil for the rest of the year at the very least.

  2. redskylite Says:

    Sorry to be off topic, but didn’t feel sad to read this headline today – nuff said.

    “S. Fred Singer, a Leading Climate Change Contrarian, Dies at 95
    Derided as a “Merchant of Doubt,” he spent decades trying to refute the evidence of global warming and other environmental risks.”

    • dumboldguy Says:

      Good Riddance!

    • Gingerbaker Says:

      Maybe Fred Singer is just resting his eyes.

      Well, government scientists claim he is dead, but science is imperfect and has a well-publicized replication problem. And guess what? Coroners stay on the gravy train simply by pronouncing people dead. That’s how they take OUR tax dollars and put them into THEIR pockets.

      Fred Singer has been alive for 95 years in a row, and now we are supposed to believe that – BOOM! – suddenly he isn’t? Because he isn’t moving? There is no cause and effect between not moving and suddenly being dead. Every single person spends 1.3 of their lives not moving. Fred has been very active of late – that’s right – in the past he was not moving even MORE than he has been in his later years.

      Maybe these big-government types want you to believe there is some sort of correlation between not moving and being dead, but it has been clear for hundreds of years that just because you are not moving, it does NOT mean that you are dead. Being stationary does not CAUSE you to die.

      The global warming nuts would love to shut Fred up, keep him quiet. The same way they did to Galileo. That is what this alarmist article in some leftist rag is all about.

  3. redskylite Says:

    Once again a virus has caused a big shock to our financial systems – as Paul said in the second video, there were plenty of recent warnings of pandemics/epidemics effects from the science/medical community, (when in hindsight he looked) but we seem to lack the communication skills necessary to maintain our societies in a modern and secure manner. Maybe improvements can be made in communications and weight we give to mainstream science, maybe we can start petty political bickering and do what is right.

    Hopefully we can learn from Covid-19 – Climate change gives us a slightly longer time frame – let’s listen to the experts (many countries are already beginning to understand).

    IF we think covid is bad, look what is in store for us ahead. Maybe economists and
    and financial academia can start teaching this to their students and give them valuable preparation – instead of advising the young to hang on and let their financial portfolios recover in time – without planning we will continue on depressing recessions and recovery cycles at greater frequencies .


    Climate Change Turns the Tide on Waterfront Living

    “Relocation is so difficult that you need to start planning for it long in advance,” says A.R. Siders of the Disaster Research Center at the University of Delaware’s Biden School of Public Policy and Administration. “We need to start learning how to do this.”

    • redskylite Says:

      oops – should read STOP petty political bickering

    • doldrom Says:

      I don’t agree entirely. I live in a country where the whole Anglo-Saxon science-denial plays almost no role in public debate (except recently there are some outcroppings of import denialism). Still, the country was woefully unprepared, scoring very low on testing even though we have the highest number of molecular biologists per capita in the world and top-billed virology research internationally.

      I think most of the lessons are about buffers, stockpiles, JIT economizing, global supply chains for matters of strategic importance, starving of public services, poor remuneration of front-line health care, and, in short, nel-liberalism in general.

  4. […] troubling medical practices, a bit of needful economic viewing, and in the “Good points being made” […]

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