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November 22, 2016

Paul Krugman Got His Degree In Being Wrong All the Time

An angry, vain, petty little man who barks like a runt dog who wants attention.

Two weeks ago, the day after the election:

It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover?" Krugman said in his post. "If the question is when markets will recover, a first-pass answer is never."

"We are very probably looking at a global recession, with no end in sight," he added. "I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened."

But Krugman's forecast that the markets would "never" recover took just nine hours to be proven totally wrong. Come Wednesday morning, the fever had almost entirely broken in the U.S. Instead of dropping by 10 percent or more, as some predicted, the Dow, Nasdaq, and S&P 500 all rose by more than a percent. Later in the day, the Dow briefly surged above its all-time closing high, before ending the day just a few points below it. The Dow finished the day up about 257 points overall.

And today, the Dow Jones Industrial Average crossed the 19,000 level for the first time in history, though it's edged back a bit off that record high.


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posted by Ace at 01:37 PM

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