Krugman's Idiotic Economic Nonsense

In August 2002, New York Times columnist and recent Nobel Prize winner, Paul Krugman, actually endorsed a Fed created housing bubble in order to combat recession.

To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.

So this is what wins you a Nobel Prize in economics these days? Such is the intellectual bankruptcy of Keynesian economics.