08-11-2010, 09:58 AM
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#285 (permalink)
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Living in a Warmer Insanity
Super Moderator
Location: Yucatan, Mexico
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Yes when all else fails blame the messenger. Or in this case discredit the messenger, The whole Enron connection has been repeatedly been touted as proof that no one should listen to Krugman.
From Wiki-
Quote:
In early 1999, Krugman served on an advisory panel (including Larry Lindsey and Robert Zoellick) that offered Enron executives briefings on economic and political issues. He resigned from the panel in the fall of 1999 to comply with New York Times rules regarding conflicts of interest, when he accepted the Times's offer to become an op-ed columnist. Krugman later stated that he was paid $37,500 (not $50,000 as often reported - his early resignation cost him part of his fee), and that, for consulting that required him to spend four days in Houston, the fee was "rather low compared with my usual rates", which were around $20,000 for a one-hour speech. He also stated that the advisory panel "had no function that I was aware of", and that he later interpreted his role as being "just another brick in the wall" Enron used to build an image.
When the story of Enron's corporate scandals broke two years later, Krugman was accused of unethical journalism, specifically of having a conflict of interest. Some of his critics claimed that "The Ascent of E-man," an article Krugman wrote for Fortune Magazine about the rise of the market as illustrated by Enron's energy trading, was biased by Krugman's earlier consulting work for them. Krugman later argued that "The Ascent of E-Man" was in character, writing "I have always been a free-market Keynesian: I like free markets, but I want some government supervision to correct market failures and ensure stability. "Krugman noted his previous relationship with Enron in that article and in other articles he wrote on the company. Krugman was one of the first to argue that deregulation of the California energy market had led to illegal market-manipulation by Enron and other energy companies
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So how about debating the facts of the article instead of trying to tar and feather the author?
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