Krugman’s blog, 1/14/16

There were three posts yesterday.  The first was “Strangely Self-Confident Permahawks:”

An odd thing about permahawks — people who have been demanding, year after year, that the Fed raise rates now now now. (The same is true, actually, about the overlapping group warning nonstop about fiscal crisis.) They are, by and large, free-market acolytes who insist that markets know best; yet they also insist that we ignore financial markets that have been telling us that inflation is quiescent and the U.S. government is solvent.

Now, it’s OK to conclude that markets are currently wrong, although if you believe that they make huge errors that should influence your views on policy in general. But your confidence in your dismissal of market beliefs should bear some relationship to your own track record. If you’ve been warning about inflation, wrongly, for six or so years, and markets current show no worries about inflation — if anything they’re saying that the Fed will undershoot its target — I would expect some diffidence about demanding higher rates yet again.

But I’m not Martin Feldstein.

Yesterday’s second post was “Outrage:”

Greg Sargent marvels at the spectacle of Paul Ryan, who is outraged, outraged, at President Obama for devoting part of the State of the Union to a denunciation of politicians who encourage bigotry. In fact, Ryan says that Obama “degraded” the presidency by denouncing bigotry — because that amounts to an intervention in the Republican primary.

So, are are all subjects on which top-tier GOP candidates have expressed reprehensible opinions off limits? Interesting new rule.

Meanwhile, what’s apparently not an outrage is for the Senate Majority leader to insinuate that the president is a traitor. Mitch McConnell:

I don’t want to tie the hands of the next president. The next president may want to actually defeat ISIL.

Said with a little grin, by the way — McConnell was really pleased with himself.

Anyway, the combination of eagerness to bomb everyone in sight and a propensity to whine and throw a tantrum over every perceived slight remains remarkable.

The last post yesterday was “My Favorite Alan Rickman Line:”

He was wonderful in everything he did; but this was from a not especially wonderful movie, Bottle Shock:

[Y]ou think I’m an arsehole. And I’m not, really. I’m just British.

He will be sorely missed.

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