Matt Yglesias recently posed as brave battler of bank bailouts (referring to the case of Iceland), and Krugman high-fived him. Yglesias literally wrote an article titled, “In Praise of TARP.” Here’s an excerpt of my latest at Mises CA:
It’s ironic that they now strike this pose, given their behavior since 2008. There was a person with some political influence articulating a very minority-viewpoint when the financial crisis hit the U.S. That person was Ron Paul. He definitely took a hard line against the financial elites, rejecting bailouts. Far from welcoming his challenge of the orthodox, Krugman and Yglesias mocked him and his ideas, saying they would lead to disaster. Krugman and Yglesias are the Very Serious People, when it really matters.