Krugman schools Will

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.

Washington Monthly - Donate today and your gift will be doubled!

Support Nonprofit Journalism

If you enjoyed this article, consider making a donation to help us produce more like it. The Washington Monthly was founded in 1969 to tell the stories of how government really works—and how to make it work better. Fifty years later, the need for incisive analysis and new, progressive policy ideas is clearer than ever. As a nonprofit, we rely on support from readers like you.

Yes, I’ll make a donation

Steve Benen

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.