“To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble. Judging by Mr. Greenspan's remarkably cheerful recent testimony, he still thinks he can pull that off. But the Fed chairman's crystal ball has been cloudy lately; remember how he urged Congress to cut taxes to head off the risk of excessive budget surpluses? And a sober look at recent data is not encouraging.”

— Paul Krugman

"Dubya's Double Dip?" http://www.nytimes.com/2002/08/02/opinion/dubya-s-double-dip.html, The New York Times, 2 August 2002
:It should be noted that Krugman was being sarcastic http://www.cepr.net/index.php/blogs/beat-the-press/when-someone-says-paul-krugman-called-for-greenspan-to-create-a-housing-bubble-back-in-2002-they-are-trying-to-say-that-they-are-either-a-fool-or-a-liar; two weeks later, he wrote an article http://www.nytimes.com/2002/08/16/opinion/mind-the-gap.html warning about the dangers of a housing bubble.
The New York Times Columns

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund busi…" by Paul Krugman?

Paul Krugman photo

Paul Krugman 106

American economist 1953

Related quotes

“From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.”

Ron Paul (1935) American politician and physician

Before the US House of Representatives, introducing the The Federal Reserve Board Abolition Act, H.R. 833. http://www.lewrockwell.com/paul/paul504.html (9 February 2009)
2000s, 2006-2009

“For me, Paul Scholes has been the best midfield player in the Premier League. By a mile. He has the lot. He scores and creates goals, he can pass the ball, he can head it, and rounds all this off with a competitive streak.”

Paul Scholes (1974) English footballer

http://www.chroniclelive.co.uk/sport/football/football-news/my-all-time-xi-alan-shearer-1505383
Alan Shearer

“When I was younger I think I showed off and I fed off the attention. And to a certain degree that has been satiated in this job, just in doing what I do. I think it's enough that I don't need to then push it.”

Gillian Anderson (1968) American-British film, television and theatre actress, activist and writer

Grace Bradberry (October 21, 2000) "Playing with fire - Interview", The Times, p. Times Magazine 32.
2000s

“Ron Paul: …you have to develop the transition, and eventually the next step would be to prohibit the Fed from monetizing debt. This is the real evil. The politicians spend for war, welfare, and they don't have to do it responsibly.
Question: When you say monetize the debt, you mean they would only be able to spend the cash that they had on hand. They couldn't write any cheques for which they don't have in their account any money?
Ron Paul: That's right. And that is the key to it. Because when the Fed comes along, and there's starvation for capital and liquidity, and politicians are spending too much, the Fed can create 20, 30, 50 billion dollars in a day, just like they did trying to bail out this housing bubble crash. So they create money out of thin air endlessly, eventually that has to stop because that drives the value of the dollar down.”

Ron Paul (1935) American politician and physician

Fox Business Network, October 16, 2007 http://www.youtube.com/watch?v=JXfDHXpP87o
2000s, 2006-2009

“Some things don't need to be cut back. They need to be cut off.”

Beth Moore (1957) American evangelist

Source: Daniel: Lives of Integrity, Words of Prophecy - Member Book

“My patron saint is a-fighting with a ghost. He's always off somewhere when I need him most.”

Bob Dylan (1941) American singer-songwriter, musician, author, and artist

Song lyrics, Biograph (1985), Abandoned Love (recorded 1975)

“Your Bible has been revised several times. The Jewish Bible has been revised several times. Not the Qur'an, though. They still live in the seventh century. 'Kill homosexuals. Cut the clitoris off women. Put women in dark clothing. Cut off anyone's head who doesn't agree with you.' What kind of religion is this? What kind of world are you living in when you let them in here with that throwback document in their hand, which is a book of hate. Don’t tell me I need reeducation. They need deportation. I don't need reeducation. Deportation, not reeducation.”

Michael Savage (1942) U.S. radio talk show host, Commentator, and Author

The Savage Nation (1995- ), 2007

“Fezzik's in trouble, bubble bubble,
His brain is just not in the pink,
His mind is rubble, rub-a-dub double,
Because everyone needs him to think.”

William Goldman book The Princess Bride

Source: The Princess Bride

“Anyone who cannot come to terms with his life while he is alive needs one hand to ward off a little his despair over his fate — he has little success in this — but with his other hand he can note down what he sees among the ruins, for he sees different (and more) things than do the others; after all, dead as he is in his own lifetime, he is the real survivor. This assumes that he does not need both hands, or more hands than he has, in his struggle against despair.”

Franz Kafka (1883–1924) author

19 October 1921
The Diaries of Franz Kafka 1910-1923 (1948)

“It is possible to debate how strong America should be militarily in relation to the rest of the world. But that is not a debate that needs to be entered into to reduce the military budget by a large amount. If, beginning one year from now, we were to cut military spending by 25 percent from its projected levels, we would still be immeasurably stronger than any combination of nations with whom we might be engaged… Spending on military hardware does produce some jobs, but it is one of the most inefficient ways to deploy public funds to stimulate the economy. When I asked him years ago what he thought about military spending as stimulus, Alan Greenspan, to his credit, noted that... it was not good for the economy; and to the extent that it could be reduced, the economy would benefit…The math is compelling: if we do not make reductions approximating 25 percent of the military budget starting fairly soon, it will be impossible to continue to fund an adequate level of domestic activity even with a repeal of Bush’s tax cuts for the very wealthy.”

Barney Frank (1940) American politician, former member of the House of Representatives for Massachusetts

Barney Frank: ‘Cut the Military Budget’, The Nation https://www.thenation.com/article/cut-military-budget/ (2 March 2009)

Related topics