{"id":190097,"date":"2010-01-07T21:14:00","date_gmt":"2010-01-08T02:14:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/01\/07\/krugman-just-called-ben-bernanke-a-wanker\/"},"modified":"2010-01-07T21:14:00","modified_gmt":"2010-01-08T02:14:00","slug":"krugman-just-called-ben-bernanke-a-wanker","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/01\/07\/krugman-just-called-ben-bernanke-a-wanker\/","title":{"rendered":"Krugman Just Called Ben Bernanke a Wanker"},"content":{"rendered":"<p>In <a href=\"http:\/\/krugman.blogs.nytimes.com\/2010\/01\/06\/bernanke-and-the-bubble\/\">his <span style=\"font-style: italic;\">New York Times<\/span> blog<\/a>.<\/p>\n<p>It was pretty polite, but it was also rather firm:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>Here\u2019s the story of two metro areas, Los Angeles (which has run out of room to sprawl) and Atlanta, the ultimate Sprawl City:<br \/><img decoding=\"async\" src=\"http:\/\/img63.imageshack.us\/img63\/7474\/flatland8856246.png\" \/><\/p>\n<p>Huge bubble in LA; nothing in Atlanta. Looking at the national data was deeply misleading.<\/p>\n<p>So here\u2019s one of the charts from Bernanke\u2019s paper at the meetings:<br \/><img decoding=\"async\" src=\"http:\/\/img189.imageshack.us\/img189\/2152\/bbbubble8884358.png\" \/><\/p>\n<p>Yep, he\u2019s using average US housing prices as a bubble indicator. This wouldn\u2019t matter if the division between Flatland and the Zoned Zone was comparable across the advanced world, <span style=\"font-weight: bold;\">but it isn\u2019t<\/span>: other advanced countries lack sprawling metros comparable to Atlanta or Houston. So we aren\u2019t learning much from this comparison.<\/p>\n<p>And the whole thing suggests that <span style=\"font-weight: bold;\">the Fed hasn\u2019t learned much about how to identify housing bubbles<\/span>.<\/p><\/blockquote>\n<p>(<span style=\"font-style: italic;\">emphasis mine<\/span>)<\/p>\n<p>Meow!  I whole heartedly approve.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In his New York Times blog. It was pretty polite, but it was also rather firm: Here\u2019s the story of two metro areas, Los Angeles (which has run out of room to sprawl) and Atlanta, the ultimate Sprawl City: Huge bubble in LA; nothing in Atlanta. Looking at the national data was deeply misleading. So &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,1004,1002,1088],"tags":[],"class_list":["post-190097","post","type-post","status-publish","format-standard","hentry","category-economy","category-finance","category-good-writing","category-real-estate"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190097"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=190097"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190097\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=190097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=190097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=190097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}