You Can't Make This Stuff UP! Paul Krugman files bankruptcy

[TexasGranny]

Paul Krugman Declares Personal Bankruptcy

Mar. 06, 2013 http://www.dailycurrant.com/2013/03/06/paul-krugman-declares-personal-bankruptcy/

 

Economist and columnist Paul Krugman declared personal bankruptcy today following a failed attempt to spend his way out of debt.

In a Chapter 13 filing to the United States Bankruptcy Court in the Southern District of New York, lawyers for Krugman listed $7,346,000 in debts versus $33,000 in assets.

 

The majority of his debts are related to mortgage financing on a $8.7 million apartment in lower Manhattan, but the list also includes $621,537 in credit card debt and $33,642 in store financing at famed jeweler Tiffanys and Co.

 

The filing says that Krugman got into credit card trouble in 2004 after racking up $84,000 in a single month on his American Express black card in pursuit of rare Portuguese wines and 19th century English cloth.

 

Rather than tighten his belt and pay the sums back, the pseudo-Keynesian economist decided to "stimulate" his way to a personal recovery by investing in expenses he hoped would one day boost his income.

Cockroaches and Creditors

Between 2004 and 2007 Krugman splurged on expensive cars, clothes, and travel in hopes that the new lifestyle would convince his bosses at the New York Times to give him a giant raise.

 

"They say always dress for the job you want," Krugman explains. "So I thought maybe if I showed up in $70,000

suits they would give me ownership of part of the company. If I had only been granted a sliver of the New York Times Co., I could have paid everything back."

 

Even after he realized an equity stake was not going to happen, Krugman continued to spend wildly hoping his bling and media appearances would increase demand for his personal brand and lift his book sales.

 

His biggest mistake came in 2007, when at the height of the financial bubble he decided to invest in high-end real estate in New York City. His multi-million dollar apartment lost 40 percent of its value just months after its purchase, and has been underwater ever since.

"You'd think a Nobel Prize winning economist could recognize a housing bubble," says Herman Minsky, a retired television executive who purchased Krugman's home at a huge discount. "But hey, I'm not complaining."

Conscience of a Fraud 

Krugman, a renowned trade economist, joined the New York Times as a columnist in 2000. Since the start of the financial crisis he as used the platform to argue vociferously for what he terms Keynesian deficit spending.

 

However, Keynes did not advocate using debt financing to stimulate the economy. Rather, he argued that government should save in the good times and spend in the bad.

 

Through his lawyer, Bertil Ohlin, Krugman explains that despite his travails with spending and debt in his personal finances, he stands by his pseudo-Keynesian policies.

 

"I still defend my analysis that on the macroeconomic level sovereign debt crises can be fixed by increasing government borrowing to lift aggregate demand. I admit, however, that on the microeconomic level this strategy has failed spectacularly."

 

 

 

 

 

 

 

 

 

[Shabibilicious]

Do $70,000 suits feel any better than $200 suits......or do they still chafe in all the wrong areas?    

 

GO RV, then BV

[SgtFuryUSCZ]

***///

 

DELUSIONAL. 

 

We've always said not to entrust your money to these know-it-all idiots.  You get left holding an empty bag along with a prison sentence and they get away with murder.

 

We hope they make him re-pay every farthing!

 

Mental deviants like this cat is the reason our own credit card fees are so high.

[Shabibilicious]

I've got all of my money invested in Folgers.......buried in the backyard, of course.    

 

GO RV, then BV

[parmenio]

I guess his economic theory of  spend..., spend..., spend for the Federal government hasn't worked too well in his household. The IDIOT!

[SgtFuryUSCZ]

***///

 

Tiffany & Company..... most famous money laundering site in NY.

[Sparta]

***///

 

Tiffany & Company..... most famous money laundering site in NY.

Reminds me of a great movie about a money-laundering site in NY:  Tower Heist (Ben Stiller, Alan Alda, etc.)

I've got all of my money invested in Folgers.......buried in the backyard, of course.    

Great line, Shabs

[willy1der]

I've got all of my money invested in Folgers.......buried in the backyard, of course.    

 

GO RV, then BV

So... where do you live friend?

[SgtFuryUSCZ]

***///

 

SHABS --- sounds like your future is one of those shovel-ready jobs.....

[Shabibilicious]

So... where do you live friend?

 

It's decaf.....you wouldn't be interested.    

 

GO RV, then BV

[aliciadogz]

Pleople are just plum crazy.If just have 10ths of that money, I could just pay my debts off.

[Linda]

ya just can't fix stupid...

[dinar_stud]

Texasgranny you have been had by a satire piece. And a bad one at that since satire is usually based on reality.

 

Even the Daily paul admits to have been had 

 

EDIT: I've been had. Thanks to.... I forgot to check who posted it, but look in the replies. I knew it was too good to be true, but SOOOOO wanted it..

 

http://www.dailypaul.com/277237/paul-krugman-files-chapter-13-bankruptcy

It was made up.  

Edited March 7, 2013 by dinar_stud

[Linda]

we all stand corrected...at least I do...thank you ds for the update...

[dog53]

Do $70,000 suits feel any better than $200 suits......or do they still chafe in all the wrong areas?    

 

GO RV, then BV

 

Shabs I can answer you in all honesty

I will never know.

Damm you can afford $200 suits?

[TexasGranny]

Well okay then, I guess you can make these things up! However - even if it is a fake - it doesn't change my mind about him - read too many statements from him - he thinks we should just keep on spending and that we do not have a spending problem - just need to collect more taxes.

 

(Satire) Paul Krugman Files for Chapter 13 Bankruptcy

Submitted by fishyculture on Thu, 03/07/2013 - 10:55

in

• Humor

EDIT: I've been had. Thanks to.... I forgot to check who posted it, but look in the replies. I knew it was too good to be true, but SOOOOO wanted it...

http://www.prudentinvestor.com/2013/03/paul-krugman-files-ch...

"According to this report in Austria's Format online mag, Krugman owes $7.35 million while assets to his name came in at a very meager $33,000."

Guess he should have bought gold...?

Thanks to the mods who allowed my correction to appear. Yes, I got up too early and got too excited about this, should have confirmed it. Kudos to those who called me on it, and now I hope the rest of us can still chuckle at this.

 

 

 

 

[SgtFuryUSCZ]

***///

 

TEXASGRANNY --- No Worries...!     Always informative, always educational:

 

we learned where we can get a quick loan (SHAB's Coffee Can)...

 

Really expensive suits STILL chafe yer acorns.....

 

TheDOG is flat broke....

 

Ya can't fix stupid....

 

Tiffany's is a front for the rich to launder their money....

 

and TheTEXASGRANNY can give it as good as she gits it...!

 

 

We all had fun and that's what counts...!