Paul Krugman: “Tiny, tiny missteps like Solyndra” What’s a BILLION dollars anyway?

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PAUL KRUGMAN: ‘RIDICULOUS’ TO TALK ABOUT ‘TINY, TINY MISSTEPS’ LIKE SOLYNDRA

June 3, 2012

by   Erica Ritz

Paul Krugman: Solyndra a Tiny Misstep, a Billion Dollars Isnt a Lot of Money | ABCs This Week

New York Times columnist Paul Krugman appeared as a guest on ABC’s This Week Sunday where he said, among other things, that Rep. Paul Ryan’s budget plan is a “fraud,” Scott Walker is trying to redistribute income upwards through tax cuts, and that it’s “terribly unfair” to hold Obama responsible for the shameful state of the United States economy.

If that’s not enough, the columnist remarked of Solyndra: “We’re talking as if a billion dollars was a lot of money…,” particularly in comparison to the size of the U.S. debt and the economy.  While this is true, the economist seemingly lacks any awareness that it is precisely this mindset thatleads to a $15 trillion dollar debt.

Watch Krugman discuss how “ridiculous” it is to discuss “tiny, tiny missteps” like Solyndra, below:

Trouble viewing video?  Click HERE.

This is not the first time Krugman has come under fire for confusing the failure of public and private funds.

Last August, Forbes contributor Warren Meyer summarized:

I suppose it should not surprise me that a prominent voice on the left does not recognize a distinction between private equity money invested voluntarily and public investments of taxpayer money.  So, to help Dr. Krugman out, let me suggest several important differences.

The most important distinction is that [private failures like] Pets.com did not take my money.  Solyndra did, and without my permission, too.  When Solyndra flushed over a half billion dollars down the toilet, some of that wealth destroyed was mine. [Emphasis added]

He continues, following Krugman’s theme that there is no real difference between public and private capital failures:

By the way, if it were the job of the President to be such a venture-capitalist-in-chief, would you have chosen Barack Obama for this position?  Would he even be in your top, say, 20 million choices?  If I gave you a choice of Barack Obama or a random person snatched off the street of lower Manhattan, who would you choose to make these investment choices?

Krugman’s argument falls into a general category of [leftist] defenses of big government that I would summarize as “private actors make mistakes too.”  This is one of the great straw men of anti-capitalist writers.  No reasonable defender of capitalism would ever dispute that there are private enterprises that become senescent and unresponsive, that burn through hundreds of millions of dollars pursuing losing business plans, or that treat customers in arbitrary ways not much better than does the DMV.

The difference is that, absent government bailouts and crony protections of favored businesses, private markets exercise a discipline and accountability that eventually shift market share, revenues, profits, and capital to better enterprises.  These corrective mechanisms are almost entirely absent in the political realm.  Circuit City goes away, but the DMV lasts forever. [Emphasis added]

(H/T: Weasel Zippers)

SOURCE

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“If I wanted America to fail”

Trouble viewing video?  Click Here.

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ADD THIS:

Read by clicking on blue links

Americans have seen how productive/profitable Obama’s Green Projects have gone:

Failed “Green Projects”:  Solyndra, Lightsource, Tennessee Truck Charging Station,   Tonopah tied to Nancy Pelosi,   US Navy paying $15 per galloon for jet fuel (Obama Crony involved),  then today we hear about the parent company of electric car batteries, supplied with Obama cash has filed for bankruptcy.

Even after Obama loans to “Green Companies” have ended in bankruptcy, Obama shells out more taxpayer money/loans for “Green Jobs.”

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AND THIS:

“Green” Energy Firm Given $118.5 Million Taxpayer Loan From Obama Administration, Gives Executives $725K Bonuses, Promptly Goes Bankrupt…

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Ripping the lid off of Colorado’s Solyndra

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Another Stimulus-Backed Solar Panel Maker (Abound Solar), one Obama Touted in a weekly Radio Address, Lays off Most of its Workers.

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Another Failed “Green” Company (A123 Systems) gets $390 MILLION in subsidies; Lays off 125 workers

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$737 Million Green Loan to Nancy Pelosi Kin Fuels Outrage

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US Navy Paying $15/gallon for green fuel (Obama Crony Involved)

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Want to know where all the House-passed jobs bills are? Stuck in the Senate. Is Harry Reid Enabling Obama’s Power Grab?

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Yesiree……What’s a BILLION dollars but a “tiny, tiny” problem?

It is NEVER Obama’s fault for FAILED policies or Crony Capitalism, it is always someone or something else’s fault.

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2 CommentsLeave a comment

  1. Krugman….how dare you have the guts to call a billion dollars of taxpayer money being lost a “tiny, tiny misstep like Solyndra?” If it’s so tiny, why don’t you and other Keynes followers pitch in and repay us for the loss? You are nothing but a Keynesian demi-god.

    Also, how dare you call the Solyndra debacle a tiny, tiny mistake? You stated in your interview with CBS that this kind of mistake is normal in an “organization.” THE UNITED STATES IS NOT AN ORGANIZATION!!!!!!! It does not have a board of directors that it reports to, but voters! Look up the definition of “organization” you Keynesian follower!!!

    How dare you say that the reason Obama’s policies weren’t able to be passed by those bad conservative congresspeople…….especially when until 2010, the liberals and Obama had 2 years of free rein in all branches of government and that is exactly when they, the liberals, opened our pocketbooks and threw away our money. I’m sick to death of you and your kind thinking its okay for hard working Americans to just keep giving and giving and giving by taking 30 to 40% of the money that we make to fund stupid programs that we don’t want or need.

    Let the people who are too lazy to work for a living and want a free handout by getting free money….welfare, social security disability or unemployment…………get off their DEAD ASSES and just get a job!!!! I’m sick of supporting them.

    AMERICANS…….WAKE UP!!!!! If we don’t stop the KRUGMANS, KEYNESIANS AND OTHER LIBERAL GOOF BALLS, WE WON’T HAVE TO WORRY ABOUT WORKING OR PAYING TAXES, WE ARE ON THE PATH OF ECONOMIC SUICIDE!!!!! STOP THESE PEOPLE.

    Barb W.

  2. […] Paul Krugman: “Tiny, tiny missteps like Solyndra” What’s a BILLION dollars anyway? […]


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