April 27, 2007

Poor Paul Krugman

The Arkansas Democrat Gazette

WHEN THE news came last week that the stock market had reached a record high, we thought we heard the strangest sound in the background: quiet sobbing. It took a while before its source came to us: Of course ! That had to be the New York Times ’ man in the economy and all-around pundit, Paul Krugman, crying in his beer. Though given today’s economy, he’s probably drinking the best single-malt Scotch on the market. But nothing seems to depress him like good news. He’s been predicting an economic collapse for so long that it cheers just to think of him as the stock market sets new records and the unemployment rate keeps dropping below low, and good economic news keeps piling up. Meanwhile, the sage of W. 43 rd St. keeps warning that The End Is Near. Think Woody Allen doing Shakespearean tragedy.

The whole piece is clever.

Hat-tip: Don Luskin

Posted by John Kranz at April 27, 2007 5:45 PM

Forbes magazine publisher Rich Karlgaard this morning predicted "Dow 18,000 within 3 years." His justification was threefold: While seemingly unreachable today, 18,000 is only 39% growth from today's valuation; There is a "global liquidity glut" and the money won't go into real estate or bonds; Global growth since every company on the Dow 30 has it's primary growth overseas.

Posted by: johngalt at April 28, 2007 11:34 AM | What do you think? [1]