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Paul Krugman on the 'Cartoon Physics' of the 2008 Crash
&feature=player_embeddedThursday on PBS Newshour, Nobel prize-winning economist Paul Krugman explained the relevance of Hyman Minsky’s theory on the current economic crisis.
“One of his arguments was exactly that you have, you have a depression, you have a bad scene and everybody gets cautious and that caution gives you several decades of stability and as the stability goes on people forget the dangers and they make the same mistakes and get you right back into another one,” he said. “So there was a natural cycle.”
Krugman added that in addition to this natural cycle, conservatives had pushed a “religiously pro-market” ideology that claimed all regulation was harmful and the government was always the problem.
“So that we had a kind of reckless removal of the safeguards on the system all on top of what would probably have been a gradual march to crisis anyway,” he continued. “And paraphrase Lincoln – and the crisis came. The specific probably don’t matter very much, it ended up being subprime and then Lehman Brothers, but it could have been something else. One of, one of these years we were going to have this crisis.”
http://www.rawstory.com/rs/2012/06/21/krugman-explains-the-gradual-march-to-economic-crisis/
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http://en.wikipedia.org/wiki/Cartoon_physics
-Any body suspended in space will remain in space until made aware of its situation. Then the regular laws of gravity take over. This is why babies can defy gravity for elongated amounts of time. (The character walks off the edge of a cliff, remains suspended in midair, and doesn't fall until he looks down.)
-Any body passing through solid matter (usually at high velocities) will leave a perforation conforming to its perimeter (the "silhouette of passage"
.
-Certain bodies can pass through solid walls painted to resemble tunnel entrances; others cannot. Corollary: Portable holes work.
-All principles of gravity are negated by fear (i.e., scaring someone causes him to jump impossibly high in the air.)
-Any violent rearrangement of feline matter is impermanent. (In other words, cats heal fast and/or have an infinite number of lives.) Corollary: Cats can fit into unusually small spaces.
-Everything falls faster than an anvil. (A falling anvil will always land directly upon the character's head, regardless of the time gap between the body's and the anvil's respective drops.)
-Any vehicle on a path of travel is at a state of indeterminacy until an object enters a location in the path of travel. (Wolf walks into road and gets run over by a bus.)
-Any body suspended in space will remain in space until made aware of its situation. Then the regular laws of gravity take over. This is why babies can defy gravity for elongated amounts of time. (The character walks off the edge of a cliff, remains suspended in midair, and doesn't fall until he looks down.)
-Any body passing through solid matter (usually at high velocities) will leave a perforation conforming to its perimeter (the "silhouette of passage"
.
-Certain bodies can pass through solid walls painted to resemble tunnel entrances; others cannot. Corollary: Portable holes work.
-All principles of gravity are negated by fear (i.e., scaring someone causes him to jump impossibly high in the air.)
-Any violent rearrangement of feline matter is impermanent. (In other words, cats heal fast and/or have an infinite number of lives.) Corollary: Cats can fit into unusually small spaces.
-Everything falls faster than an anvil. (A falling anvil will always land directly upon the character's head, regardless of the time gap between the body's and the anvil's respective drops.)
-Any vehicle on a path of travel is at a state of indeterminacy until an object enters a location in the path of travel. (Wolf walks into road and gets run over by a bus.)
