So there is a fight a’ brewin’ between liberal economist, New York Times columnist and suger-glider impersonator Paul Krugman and young, handsome, rich, NYTimes business reporter and best selling author Andrew Ross Sorkin. I want to say up front that I hate Sorkin in the sort of way that only severe jealousy could provide.
Sorkin, you may recall wrote the incomprehensibly long Too Big to Fail which has become the standard bearer for explaining the financial collapse. This week, Krugman called out Sorkin on this quote from the book:
You may recall that during the most perilous months of 2008 and early 2009, there was a vigorous debate about how the government should fix the financial system. Some economists, including Nouriel Roubini of New York University and The Times’s own Paul Krugman, declared that we should follow the example of the Swedes by nationalizing the entire banking system.
They argued that Wall Street was occupied by the walking dead, and that no matter how much money we threw at the banks, they would eventually topple the system all over again and cause a domino effect worldwide.
Krugman writes that he never said anything like that:
I certainly never said anything like that, and I don’t think Nouriel did either. First of all, I never called for “nationalizing the entire banking system” — I wanted the government to take temporary full ownership of a few weak banks, mainly Citigroup and possibly B of A. I defy Sorkin to find any examples of me calling for a total takeover.
These things do happen. People do make mistakes and this should be a really easy thing to check, right? I mean, Krugman and Sorkin work for the same paper. Someone could have made a freaking phone call…right?
I personally am hoping for some sort of duel involving lexisnexis searches.