Paul Krugman

Paul Krugman @paulkrugman

And of course the financial crisis — which is generally considered to have begun just three weeks after that article was published! — made utter nonsense of their boasting 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

The thing is, even at the time the idea that financial deregulation had ushered in a golden age of prosperity was flatly contradicted by the data 3/ https://t.co/eQzjZ7VaVD — PolitiTweet.org

Paul Krugman @paulkrugman

So I remembered a sort of time capsule from the eve of the financial crisis that nicely illustrated how these guys want to be perceived, and retrospectively explains their fury at no longer getting to pose as economic heroes 2/ https://t.co/8Md1ZNZA69 — PolitiTweet.org

Paul Krugman @paulkrugman

I wrote the other day about Wall Street fear and loathing of Elizabeth Warren, suggesting that it has more to do with threatened egos than with money per se 1/ https://t.co/WV1gW6tO4i — PolitiTweet.org

Paul Krugman @paulkrugman

Rather than admit, even to themselves, that they fear this outcome, some — not all! — never Trumpers are inventing reasons impeachment would be a mistake. Just a hypothesis. Maybe there's another explanation 5/ — PolitiTweet.org

Paul Krugman @paulkrugman

I have a guess, but it's no more than that — which is that an impeachment will, in effect, put the whole GOP on trial, forcing Rs in the Senate to explicitly condone Trumpist treason. This will arguably discredit the whole modern conservative movement 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

So it has to be motivated reasoning. What I don't quite get is the motivation. These are generally people who say they consider Trump corrupt and a threat to democracy. So what bothers them about taking this on? 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

I mean, these guys have access to the same polling as the rest of us — and the polling is steadily getting more encouraging for impeachment, although it ain't over until the fat golfer sings 2/ https://t.co/JU1GNt5LO9 — PolitiTweet.org

Paul Krugman @paulkrugman

Speaking of motivated reasoning: It's certainly possible that Dems are making a political mistake by moving forward with an impeachment inquiry. But most of the supposed anti-Trump people I see saying this are conservatives, which makes it look like concern trolling 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

Since someone will raise it: it took me all of three days to retract my election night bad call and berate myself for motivated reasoning. These guys have had two years ... 4/ https://t.co/y5rCRy7Ene — PolitiTweet.org

Paul Krugman @paulkrugman

The reality is that to a first approximation, the tax cut did nothing whatsoever to boost investment. We all make bad calls; but have any of the Trump boosters admitted error and asked why they were so wrong? 3/ https://t.co/1ZRMklf7qw — PolitiTweet.org

Paul Krugman @paulkrugman

The rationale for that tax cut, mainly focused on businesses, was that it was supposed to lead to a huge surge in investment. Seemingly respectable conservative economists bought into it, bigly 2/ https://t.co/IrTSemhnoy — PolitiTweet.org

Paul Krugman @paulkrugman

Everyone is obsessed with treason/impeachment, understandably. So am I! But probably worth taking some time to remember that Trump's one and only major legislative achievement, the 2017 tax cut, was a bust 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

This is simultaneously pathetic and sinister. But then so was the original email "scandal". And some journalists will probably play along https://t.co/83pqjUHxqg — PolitiTweet.org

Paul Krugman @paulkrugman

Starting to look like two possible outcomes: Trump and a number of others end up in jail, or thousands of journalists end up in prison camps — PolitiTweet.org

Paul Krugman @paulkrugman

For those who may not remember, this is the same Steve Schwarzman who compared ending the carried interest loophole to Hitler's invasion of Poland https://t.co/BJwiCTy2Sv — PolitiTweet.org

Paul Krugman @paulkrugman

Again, Dornbusch's law, originally about currency crises but applies perfectly here: the crisis takes longer to happen than you can possibly imagine, then unfolds faster than you can possibly imagine — PolitiTweet.org

Paul Krugman @paulkrugman

RT @maureenogle: I watch the markets, and have been surprised by its non-reaction this week. ⁦@paulkrugman⁩ lays it out. https://t.co/jeoi… — PolitiTweet.org

Paul Krugman @paulkrugman

Gah -- forgot to include Predictit chart 4/ https://t.co/CvHhYG0QQf — PolitiTweet.org

Paul Krugman @paulkrugman

And the reason it will look foolish is because it is. The big problem with Biden is that he really doesn't seem to get what has happened to the GOP over the past 25 years 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

Here's why I think this may be bad for Biden: if Trump is impeached, as now seems very likely, but almost all Republicans then vote to acquit, his insistence that Trump is the whole problem and there are lots of good Rs will look foolish 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

For what it's worth, prediction markets think Ukraine has boosted Warren against Biden. (Maybe not worth much: Yang with more chance than Sanders or Harris? Really?) They may be right — but NOT because there's any actual Biden scandal 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

So Warren-hatred isn't about the threat to the haters' net worth; it's about the threat to their egos. Are they so petty that this will induce them to support a treasonous autocrat? Of course 8/ — PolitiTweet.org

Paul Krugman @paulkrugman

And Warren is completely explicit: while she isn't anti-capitalist, she has built her political career on the (true) proposition that at least some great fortunes aren't just rewards for magnificent social contributions, but the result of predation and exploitation 7/ — PolitiTweet.org

Paul Krugman @paulkrugman

That's why there was so much plutocrat rage against Obama: despite the mildness of his rhetoric, they suspected him of not seeing them as the economy's heroes and saviors 6/ https://t.co/0SJxGulC9t — PolitiTweet.org

Paul Krugman @paulkrugman

My guess: what really drives the desire for wealth is, as Tom Wolfe wrote long ago, "seeing em jump" — the deference wealth commands. The truly rich don't just expect to live like kings, they expect to be treated like kings, praised for their heroism and wisdom 5/ — PolitiTweet.org

Paul Krugman @paulkrugman

Scholars who've studied it say that it's largely about racking up the score against peers — but those peers would also end up paying more taxes under Warren, so again, why should they care? 4/ https://t.co/j1fymmHHYn — PolitiTweet.org

Paul Krugman @paulkrugman

But there's actually a bit of a puzzle here. The very wealthy are far past the point where an extra million or two will make any meaningful difference to their quality of life. So why do they care? 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

Always worth remembering that while liberal billionaires get a lot of press, most billionaires are very right-wing. Wall Street, centered in socially liberal NYC, may be a bit different — but maybe not that different 2/ https://t.co/dIsvYTkxkZ — PolitiTweet.org

Paul Krugman @paulkrugman

Some more thoughts on reports that Wall Street Democrats will back Trump over Warren. Obviously it's hard to know how big a deal this is — how many of these guys are there, were they ever really Dems, and will they back Trump as more revelations emerge 1/ https://t.co/hcnGcpY4vq — PolitiTweet.org