THE DISASTERS OF HYPE
It can be dangerous to believe one’s own or others’ hype.
President Obama’s $800-billion spending package in 2009 was supposed to restore economic growth, yet the economy has only limped along in the years since. It grew by only 1.6 percent last year -- and the Obama administration set the record of never having at least one year of 3 percent or more growth. How could Mr. Obama have been so wrong?
The often-wrong blowhard, New York Times economist Paul Krugman, made the widely quoted comment on election night when it became apparent that Donald Trump would win the presidency and the markets had initially fallen: “If the question is when markets will recover, the first-pass answer is never.”
The next day, the Dow Jones set a record high -- and since Election Day the markets have increased in value by about $3 trillion. How could Mr. Krugman been so wrong?













