But this warning was ignored, and there was no move to extend regulation. On the contrary, the spirit of the times—and the ideology of the George W. … - Paul Krugman
" "But this warning was ignored, and there was no move to extend regulation. On the contrary, the spirit of the times—and the ideology of the George W. Bush administration—was deeply antiregulation. This attitude was symbolized by a photo-op held in 2003, in which representatives of the various agencies that play roles in bank oversight used pruning shears and a chainsaw to cut up stacks of regulations. More concretely, the Bush administration used federal power, including obscure powers of the Office of the Comptroller of the Currency, to block state-level efforts to impose some oversight on subprime lending.
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About Paul Krugman
Paul Robin Krugman (born February 28, 1953) is an American New Keynesian economist, Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and a former op-ed columnist for The New York Times.
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Paul Robin Krugman
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Paul R Krugman
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Additional quotes by Paul Krugman
The idea that a country's economic fortunes are largely determined by its success on world markets is a hypothesis, not a necessary truth; and as a practical, empirical matter, that hypothesis is flatly wrong. That is, it is simply not the case that the world's leading nations are to any important degree in economic competition with each other, or that any of their major economic problems can be attributed to failures to compete on world markets.
There are many economic puzzles, but there are only two really great mysteries.
One of these mysteries is why economic growth takes places at different rates over time and across countries. Nobody really knows why the U.S. economy could generate 3 percent annual productivity growth before 1973 but only 1 percent afterward, nobody really knows why Japan surged from defeat to global economic power after World War II, while Britain slid slowly into third-rate status. At any given time there are always policy entrepreneurs willing to claim that they have all the answers, but we'll come to that story in later chapters.
The other mystery is the reason why there is a business cycle ― the irregular rhythm of recessions and recoveries that prevents economic growth from being a smooth trend. It was in challenging the orthodox, Keynesian view of business cycles that conservatives first forced a major rethinking of economics.
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