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  • From: bob ford <bobford79 AT yahoo.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: [Homestead] Krugman (Nobel winner) says Big 3 'will fail'
  • Date: Sun, 7 Dec 2008 08:51:19 -0800 (PST)

I find brilliant liberals like Paul Krugman infuriatingly difficult to
undertsand. I don't doubt his intellectual prowess, though I don't like his
politics. But, this is a small blurb in today's paper. he is admitting that
the Big 3 auto companies will fail, but he has already advocated their
bail-out, just as he advocated bailing out his luncheon buddies from Wall
Street. Maybe this is all politics and no science? ................

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Nobel winner: U.S. auto industry will likely disappear




STOCKHOLM (AP)

— Nobel economics prize winner Paul Krugman said Sunday that the beleaguered
U.S. auto industry will likely disappear.

"It will do so because of the geographical forces that me and my colleagues
have discussed," the Princeton University professor and New York Times
columnist told reporters in Stockholm. "It is no longer sustained by the
current economy."

Krugman won the $1.4 million Nobel Memorial Prize in economics for his work
on international trade patterns. Some of his research on economic geography
seeks to explain why production resources are concentrated in certain
locations.

Speaking to reporters three days ahead of the Nobel Prize ceremony, Krugman
said plans by U.S. lawmakers to bail out the Big Three automakers were a
short-term solution, resulting from a "lack of willingness to accept the
failure of a large industry in the midst of an economic crisis."

Facing massive job losses, the White House and congressional Democrats are
negotiating a deal to provide about $15 billion in loans to prevent the
weakened U.S. auto industry from collapsing.








  • [Homestead] Krugman (Nobel winner) says Big 3 'will fail', bob ford, 12/07/2008

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