Both Sides of Your Mouth

I found the point of this recent Paul Krugman blog post to be incredibly rich.

In it, he calls out all the folks who didn’t see the housing bubble for what it was. The funny part is that Krugman is trying very hard to lord over people that they didn’t see something that he himself asked for in a 2002 piece (even though subsequently he has tried to hem and haw on what he meant).

It gets even better, though, because in examining a 2005 piece, where he very much calls housing a bubble (kudos to him), he worries that there won’t be yet another bubble to replace housing, which replaced stocks. So, wait a minute. A bubble is a bad thing. You take people to task for missing it. Yet, your strategy for more than a decade has been to create more of them in succession.