Sunday, October 28, 2012

Krugman: No way for 'V-shaped recovery' in 2009


Team Romney insists that the U.S. economy could and should have had a "V-shaped recovery" starting in 2009, despite all the historical and theoretical evidence to the contrary.

For the record, here's what Paul Krugman wrote in January 2008 (a year before Obama was President):

There’s still the question of how deep the slump will be. I can see the case for arguing that it will be nasty. The 1990-91 recession was brought on by a credit crunch, the 2001 recession by overinvestment; this time we’ve got both. I guess we’ll see. In any case, whatever happens will probably last quite a while.


By Paul Krugman
October 28, 2012 | New York Times

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