Paul Krugman wins Economics Nobel

Krugman correctly called the top of the US housing bubble at the same time as Bernanke was telling Congress that no such thing existed.

[url=http://www.nytimes.com/2005/08/08/opinion/08krugman.html]That Hissing Sound[/url]

Well George, you posted it first, so I will reply here... a little discussion of the Krugman ideas, maybe some chat about the "crisis"? Anyone??

I just wanted to point out that there are some GOOD things happening, as relates to the "credit-crunch":
- prices might drop, certainly with oil/gasoline, and thats a good thing for AVERAGE PEOPLE.
- Losses at the top might help redistribute wealth simply by the rich having less makes the dollars we have worth more. [no?, maybe?]
- that the economic theory of Trickle Down, and "constant growth" are both out the window, and now we can start to move towards a SUSTAINABLE ECONOMY.

And finally, a little poetry.. where did I read this?... about the banks that made the mistakes that caused their demise: "The Elites have willingly Ceded the meritocracy".

Cool eh.