KRUGMAN SCHOOLS WILL…. On ABC’s “This Week” earlier, George Will explained his belief that FDR financial/regulatory policies discouraged investment and created an environment in which the “depression became the Great Depression.”

Fortunately, Will was sitting next to Paul Krugman.

To hear Will tell it, the Roosevelt administration stood in the way of investors. In a fairly devastating 45 seconds, Krugman not only set the record straight, but explained that it was FDR’s desire to balance the budget and cut federal spending that contributed to a decline in 1937.

My antipathy towards Will has lessened this year, after he had some genuinely sharp criticism of the McCain/Palin ticket, but he’s still spouting conservative nonsense on economic issues, and it was highly entertaining to see him receive some well-earned comeuppance from the Nobel laureate to his left.

Thanks to our friends at Firedoglake for posting the clip to YouTube.

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Follow Steve on Twitter @stevebenen. Steve Benen is a producer at MSNBC's The Rachel Maddow Show. He was the principal contributor to the Washington Monthly's Political Animal blog from August 2008 until January 2012.