Worthless Nobel Prize

iVillage Member
Registered: 06-27-2007
Worthless Nobel Prize
72
Mon, 10-13-2008 - 8:07am
The Nobel Prize is officially a leftist propaganda tool. After giving the award to such luminaries as Yasser Arafat, Jimmy Carter, and Al Gore, a Nobel Prize has now been given to NY TImes columnist Paul Krugman. Not that I had much respect for the award before, but now, I think it is completely worthless.

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iVillage Member
Registered: 10-12-2008
Mon, 10-13-2008 - 5:00pm

"any of these risky loans would've never been approved by private banks if they could not have resold them in bundles to Freddie Mac and Fannie Mae - the largest mortgage buyers in the country.

Having Freddie and Fannie there to buy up the bad loans meant that the private banks didn't have to deal with the risk themselves."

Are you serious? That is tantamount to the claim by a bugler that if you hadn't left a roller skate on the stairs he wouldn't have slipped on it while robbing your house while he is suing you for his injuries! The banks are in the business to make money - they aren't supposed to give loans to people who can't pay. But there was a whole group of loans, liar loans, that did just that. It is ultimately the fault of the banks that grew greedy enough to take that gamble.

iVillage Member
Registered: 10-09-2008
Mon, 10-13-2008 - 5:06pm

Essentially, Krugman was awarded the prize for ""for his analysis of trade patterns and location of economic activity". He laid the groundwork for his theories as far back as 1979 or so.


I guess he's just in a slump.

iVillage Member
Registered: 08-29-2002
Mon, 10-13-2008 - 5:10pm
I'm not sure what you mean, would you care to elaborate?
iVillage Member
Registered: 03-25-2007
Mon, 10-13-2008 - 5:14pm


Just a thought here, especially for Nobel Prizes for the sciences/economics.

Sopal

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iVillage Member
Registered: 01-12-2004
Mon, 10-13-2008 - 6:07pm

Nobel prizes are given in many disciplines; the first three you mention are Nobel Peace prizes; Krugman won the Nobel prize for economics.

iVillage Member
Registered: 01-12-2004
Mon, 10-13-2008 - 6:13pm
Krugman won the Nobel prize in economics for theories on trade and trade imbalances.
iVillage Member
Registered: 01-12-2004
Mon, 10-13-2008 - 6:16pm
He did not win the prize for his recent op-eds, but for the past economic research that you find admirable.
iVillage Member
Registered: 01-12-2004
Mon, 10-13-2008 - 6:18pm
Why do you keep lumping Krugman, who won for economics, in with those who won the Peace prize, when the criteria and implications of the two prizes are different?
iVillage Member
Registered: 06-27-2007
Mon, 10-13-2008 - 8:40pm

Actually, the ultimate fault lies with the people who were naive enough to buy homes with no money down and adjustable interest rates that were way more house than they could afford.

No one forced anybody to buy a home.

iVillage Member
Registered: 02-10-2008
Mon, 10-13-2008 - 9:08pm


This is the cornerstone of conservative dogma. Workers and consumers are always at fault and big business is the holy grail. Did many consumers spend more than they could afford? absolutely. But there is also this little tidbit: the experts, who were in the position of advising consumers and who have the financial knowledge to assess credit worthyness, chose greed.


When mortgage compnies were urging Americans to get an ARM and then refinance in a few years, because they would have built equity,

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