Paul Krugman is one of the few economists who both participate in the public conversation and assert things that make sense.

Here he makes the point that dismissal of the Occupy Wall Street movement is mis-thought as they have good reason for protesting — and in fact have been left no other alternative.

Unsavvy People

by Paul Krugman

Nieman Watchdog has a very good piece by John Hanrahan about press coverage of the Occupy Wall Street demonstrations. Coverage was initially dismissive and minimal — and mea culpa, I wasn’t paying attention myself. But it’s becoming clear that there’s something important happening: finally, after three years in which Very Serious People refused to hold the financial industry accountable, there’s a real grass-roots uprising against the Masters of the Universe.

There will, of course, be the usual attempts to dismiss the whole thing based on trivialities. Look at the oddly dressed people acting out! So? Is it better when exquisitely tailored bankers whose gambles brought the world economy to its knees — and who were bailed out by taxpayers — whine that President Obama is saying slightly mean things about them?

Or, why don’t they try to work within the system? Well, how’s that been going for those who did indeed try? When palace intrigue undermined the likes of Elizabeth Warren even within the Obama administration, and Republicans have thrown their full backing behind the malefactors of great wealth, why shouldn’t protesters go outside the usual channels?

Finally, why not defer to people who know what needs to be done? Regular readers know the answer: the VSPs have been consistently, awesomely wrong, both before the financial crisis and after. Nothing in the recent record of policy suggests that the wise men of finance deserve any credence at all.

So, good for the protesters. And if the Obama people have any sense of self-preservation, they’ll try to mend fences with the people they have disappointed so badly.

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37 Responses to “Krugman On Occupy Wall Street”

  1. slove zeinman says:

    Maybe… But he is the Paul Krugman who’s analysis on I agree with. Sometimes the message, is more impt than messenger.

  2. kwitt coud says:

    We, the 99% are the majority, we are the elite. We have been the ones all along manufacturing our experiences. When we take 100% responsibility that we and we alone have been the mad scientist in the lab, until we stop pointing the finger at the 1%, and become the fully competent drivers of our own lives, then this protest will not cease. I agree with harvardlaw14, occupy forever, occupy responsibly forever!

  3. Krugman is pro-new-world-order. To learn what “the new world order” and “globalization” and “social justice” means, study “United Nations Agenda 21.” Everyone should know what this agenda means to their everyday life. It’s happening NOW!

  4. “bent over Jodi” ?? just because I stated a fact — A DOG.. and when she opens her mouth and CONservaTARD crap pours out from her puny brain, EVEN UGLIER…

  5. Paul Krugman takes time from Thanksgiving prep to post his thoughts on the run on German debt. He reads this as the market “pricing in a real possibility of eurozone collapse.” How about the other side? Maybe the market is pricing in tighter integration, with Germany set to weaken its own credit by standing behind the debts of southern Europe. Or maybe German yields had just fallen too far too fast, and buyers simply stood aside. 1 comment!

  6. yaz saborrange says:

    The laws may not have been passed in your state (yet), but the fact that the GOP has passed them in other states or is trying to, demonstrates their attitude towards minorities. Look at the State of Michigan, for instance, where the GOP Governor has passed an “EMERGENCY” law that gives him the power to dissolve local municipalities, confiscate their land, fire ELECTED officials, & install a dictator answerable ONLY to himself not the people. It hasn’t hit you yet, but it’s coming

  7. some if the most economist who predicted the housing market, have predicted a tax revolt in 2012. If you research where our taxes go we the working class will benefit from this.

  8. pos ebachaunah says:

    confused .. no .. and i have a long list of books you can read as well .. but you wont so i wont bother.

  9. Last week I devoted a column to the unsettling political developments in Hungary. To expand on all this, I’ve asked my Princeton colleague Kim Lane Scheppele, who has been working extensively on the…

  10. The truth is out there, but don’t expect to find it in the Romney campaign: The Post-Truth Campaign, by Paul Krugman, Commentary, NY Times: …[C]onsider what Mr. Romney … said on Tuesday: “President Obama believes that government should create equal…

  11. Hi please check out my channel for my new video Revolution by Emily Angell…It has some really great occupy footage! Let me know what you think.. Thanks!

  12. zani raatz says:

    you guys think everything that happens to you that is bad is racism. Chill out. Yes it was brutal but many things that could be worse than this happen to white people too. You think the world is centered around you when not. You have no idea what happens when people with cameras around.

  13. Paul Krugman: Is Our Economy Healing?: There are reasons to think that we’re finally on the (slow) road to better time

  14. gouset farlinelan says:

    The New York Times
    In Opinion, Paul Krugman writes, “The point is that successful companies or, at any rate,…

  15. roesco morrello says:

    Occupy Williamsburg riot raps: By JOSH SAUL Four Occupy Wall Street protesters were indicted by a grand jury in …

  16. AP – Three Democratic state senators say an independent inspector should oversee the New York City Police after what they say are abuses including the widespread surveillance of Muslims and the crackdown on Occupy Wall Street protesters.

  17. yeah well america dropped two nuclear bomb over japan and right when they exploded the killed about 200 000 thousand people soo..

  18. kells nik says:

    #OWS 5 OWS protesters busted (NY Daily News): Five Occupy Wall Street protesters were pinched Mo…
    5 OWS protesters busted (NY Daily News): Five Occupy Wall Street protesters were pinched Mo… #OWS 5 OWS protesters busted (NY Daily News): Five Occupy Wall Street protesters were pinched Mo… 33 seconds ago from Twitter -… [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

  19. ‎Alumni: Added alums; Changed from Course number to (less obscure to non-MIT readers) ← Previous revision Revision as of 16:33, 16 April 2012 Line 281: Line 281:

    − File:Aldrin.jpg|[[Apollo 11]] astronaut [[Buzz Aldrin]], ScD 1963 (Course XVI) + File:Aldrin.jpg|[[Apollo 11]] astronaut [[Buzz Aldrin]], ScD 1963 (Aero & Astro) − File:Kofi Annan.jpg|Former UN Secretary-General [[Kofi Annan]], SM 1972 (Course XV) + File:Kofi Annan.jpg|Former UN Secretary-General [[Kofi Annan]], SM 1972 (Management) − File:Ben Bernanke official Reserve Bank Chairman [[Ben Bernanke]], PhD 1979 (Course XIV) + File:Ben Bernanke official Reserve Bank Chairman [[Ben Bernanke]], PhD 1979 (Economics) − File:Feynman at Los Alamos.jpg|Physicist Nobel laureate [[Richard Feynman]], SB 1939 (Course VIII) + File:Feynman at Los Alamos.jpg|Physicist Nobel laureate [[Richard Feynman]], SB 1939 (Physics) − File:Paul Krugman-press…

  20. bini mully says:

    2nd coming on “Occupy Wall Street Conference – Tehran”: Has God forsaken Israel?
    Absolutely not!
    This is why He …

  21. guia hovsky says:

    End This Depression Now! by Paul Krugman (39) Buy new: $24.95 $14.94 47 used & new from $13.72 (Visit the Most…

  22. yati pilt says:

    UFO Disclosure and First Contact Thinking about e-mailing your friends and neighbors about the protests against Wall Street happening right now? If you have a Yahoo e-mail account

  23. demonarist says:

    クルーグマン ミクロ経済学 ポール クルーグマン, ロビン ウェルス, Paul Krugman, Robin Wells, 大山 道広, 石橋 孝次, 塩澤 修平, 白井 義昌, 大東 一郎

  24. Is Paul Krugman just an angry man? He is a very individual but his some of his rants really do him a disservice imho.

  25. lukas buckobana says:

    CO shooter goes from a “suspected” Tea member to a confirmed Occupy Wall Street The media is so biased its a joke.

  26. Honestly I’d like to see presidential debates between Paul Krugman and Greg Mankiw. Let’s learn the true beliefs at the of each

  27. Occupy Wall Street Year 2 Approaching its anniversary, the movement isn’t dead. It’s growing up” | htt … –

  28. This is “Chief Whootie Who” he is an active “occupy wall street” dude. As I was laying down to take a nap, p

  29. From Occupy Wall Street to Wisconsin , from Trayvon to Chick-fil-A, the goal of manufactured conflicts has been to … –

  30. /r/politics [spam filtered] Occupy Wall Street seeks to ‘liberate debtors’, buying up debt at pennies on the $ and w… –

  31. Krugman hates the middle class: Econo-nerd Paul Krugman hates the middle class. He hates them so much that now, in addition to not backing off his demands for the inflation inducing policies that drives up their costs while keeping wages stagnant, he now expects them to pay for a tax hike on some of the […]

  32. rovi copouhon says:

    And Republicans are, of course, trying — with considerable success — to turn this … to their political advantage. They love, in to contrast President Obama’s record with that of Ronald Reagan, who, by this point in his presidency, was indeed presiding over a strong economic recovery. You might think that …
    Tiffany Ditty liked Economist’s View: Paul Krugman: Reagan Was a Keynesian on 29 June 2012 (4 months ago).

  33. Occupy 2.0 : Destroy U.S. Economy with Lawlessness: Where is the Occupy Wall Street movement headed? It’s not ba… … –

  34. toy guilles says:

    Occupy 2.0 : Destroy U.S. Economy with Lawlessness: Where is the Occupy Wall Street movement headed? It’s not ba… h … –

  35. You might be a liberal if you can pitch a tent as an Occupy Wall street person but cant apply for a job… –

  36. How Health Insurance Affects Health – Medicaid increases use of health care, decreases financial strain, improves health – Taxes and Billionaires – Nicholas Kristof Goldman Took Biggest Loan in Federal Reserve Program – Reducing the invitation to crime – Vox EU The debt ceiling and the end of QE2 – interfluidity The Ideological Crisis of Western Capitalism – Joseph E. Stiglitz NY Fed Paper Divines Linkage Between Unemployment, Inflation – Real Time Economics Ron Paul’s debt default proposal – Econbrowser This is what happens when there is a public record – Credit Writedowns Ideology and economics – Credit Writedowns How Long Until Employment Recovers? – David The Armageddon Caucus – Paul Krugman The final nail in the supply side coffin – Andrew Leonard More on The Spirit Level – UnderstandingSociety Could Restrictions on Payday Lending Consumers? – Tim Taylor China Raises Interest Rates – As Plastic Reigns, the Treasury…

  37. The Immorality of the Interest Rate Hawks: Boys will be boys, so no jobs for you. ‘(by Paul Krugman)’ –

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