Skip navigation
#headerOverlay{
color: #ccd6df;
font-size:11px;
line-height:130%;
}
#headerOverlay strong{
color: #ffd226;
}
#headerOverlay a {color:#ccd6df;text-decoration:none;}
#headerOverlay a:hover {color:#ffd226;}
#headerOverlay a:visited {color:#ccd6df;}
#headerOverlay a:visited:hover {color:#ffd226;}
Symbol Lookup
onloadAutoSuggest();
var pgValue = "CNBSEB";
var cmsKeyWord = "alternative investing";
var cmsNewPG = "CNBWAB";
if ((cmsKeyWord.length > 0) && (cmsNewPG.length > 0)) { var newPG = cmsNewPG.split(';'); var group = cmsKeyWord.split(';');
if (newPG.length == group.length) { var description = cnbc_pagedesc.toLowerCase();
for(var x = 0; x < group.length; x++) { var keyWord = group[x].split('|'); for (var j = 0; j < keyWord.length; j++) {
if (description.indexOf(keyWord[j].toLowerCase()) != -1) { pgValue = newPG[x]; j = keyWord.length; x = group.length; }}}}}
if (cnbc_DARTFlag=="new")
{
cnbc_DARTAdCall(88,31,pgValue);
} else {
dapMgr.enableACB("SearchBox88x31",false);
dapMgr.renderAd("SearchBox88x31","&PG=" + pgValue + "&AP=1071&PN=CNBC",88,31);
}
cnbc_displayUsername("cnbc_usertime","cnbc_username");RegisterSign InMember CenterSign OutRegistercnbc_toggleUserState();HOMENEWSMARKETSEARNINGSINVESTINGVIDEOCNBC TVCNBC 360CNBC PROU.S.Asia-PacificEuropeEconomyEnergyGreenTechnologyBlogsWiresSlideshowsSpecial ReportsCorrections
if (cnbc_DARTFlag=="new")
{
cnbc_DARTAdCall(728,90,"CNBGE7");
} else {
dapMgr.enableACB("USNewsBlogs728",false);
dapMgr.renderAd("USNewsBlogs728","&PG=CNBGE7&AP=1390&PN=CNBC",728,90);
}
NetEveryone Is a Contrarian Indicator
var cnbcSubHeaderId = document.getElementById('subheader_'+ 38911124);
cnbcSubHeaderId.innerHTML = document.getElementById('renderReaderContent').innerHTML;
Email: document.write("");document.write("NetNet"+"@"+"cnbc.com");document.write('');Call: 201-735-iNet (4638)Text Message: Text NETNET followed by your tip to 26221.
if (cnbc_DARTFlag=="new")
{
cnbc_DARTAdCall(300,900,"CNBGE3");
} else {
dapMgr.enableACB("USNewsBlogs300x250",false);
dapMgr.renderAd("USNewsBlogs300x250","&PG=CNBGE3&AP=&PN=CNBC",300,900);
}
Current DateTime: 09:26:56 02 Aug 2011LinksList Documentid: 38910464Expiration DateTime: 8/2/2011 9:27:44 PM
cnbc_commentCountMapObj.cnbc_commentCountMap_put("", "38910464_1","cnbcCommentsTxt" );
It's Time For Paul Krugman to Support Tax Cuts
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43992557", "38910464_1","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43992557", "38910464_1","cnbcCommentsTxt" );
Bond Traders Think This Debt Ceiling Deal Stinks
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43991796", "38910464_2","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43991796", "38910464_2","cnbcCommentsTxt" );
Does American Psycho's New York Still Exist?
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43990163", "38910464_3","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43990163", "38910464_3","cnbcCommentsTxt" );
How to Win the Massachusetts State Lottery Every Three Months
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43990394", "38910464_4","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43990394", "38910464_4","cnbcCommentsTxt" );
DIY, Mr. President
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43989523", "38910464_5","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43989523", "38910464_5","cnbcCommentsTxt" );
The War On S&P Has Begun
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43989081", "38910464_6","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43989081", "38910464_6","cnbcCommentsTxt" );
Do We Need Inflation to Cure the Economy?
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43988262", "38910464_7","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43988262", "38910464_7","cnbcCommentsTxt" );
Working at Goldman Sachs Rule #1309320974: You Do Not Talk About Goldman
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43985911", "38910464_8","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43985911", "38910464_8","cnbcCommentsTxt" );
Treasury Announces $616 Billion in New Debt by End of the Year
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43977277", "38910464_9","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43977277", "38910464_9","cnbcCommentsTxt" );
The Gohd Standard: Is the Debt Deal A Floor for Equities?
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43977101", "38910464_10","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43977101", "38910464_10","cnbcCommentsTxt" );
The Debt Ceiling Deal Extends Uncertainty for Businesses
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43971830", "38910464_11","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43971830", "38910464_11","cnbcCommentsTxt" );
Will the Market Tank After the Debt Ceiling Passes?
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43975750", "38910464_12","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43975750", "38910464_12","cnbcCommentsTxt" );
Economic Reality Vs. White House Projections
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43975109", "38910464_13","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43975109", "38910464_13","cnbcCommentsTxt" );
Financial Services Forum President: A Downgrade of the US Will Hurt US Economy
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43973507", "38910464_14","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43973507", "38910464_14","cnbcCommentsTxt" );
Email of The Week: Is a Dime Really Worth More Than a Nickel?
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43972630", "38910464_15","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43972630", "38910464_15","cnbcCommentsTxt" );
Obama Actually Won the Debt Ceiling Fight
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43970713", "38910464_16","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43970713", "38910464_16","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("", "38910464_1","cnbcCommentsTxt" );
Current DateTime: 09:20:10 02 Aug 2011LinksList Documentid: 39085620FacebookTwitterRSSCurrent DateTime: 09:20:10 02 Aug 2011LinksList Documentid: 38852222John Carney
Runs this joint.
Cadie Thompson
Really, really runs this joint.
Kate Kelly
Reports on the major Wall Street firms, trading, and regulation.
Jeff Cox
A staff writer with CNBC.com, covering the gamut of issues affecting the stock market and the economy.
Lori Spechler
A Senior Editor at CNBC, commodity trader in a former life.
Lori Ann LaRocco
A Senior Talent Producer at CNBC.
Nicole Lapin
Runs the graveyard.
Current DateTime: 09:20:10 02 Aug 2011LinksList Documentid: 43730562The Greatest Trades of All Time
The following list of people showcases some of the greatest trades in the business.
What Happens If Greece Defaults?
If Greece defaults on its sovereign debt, the effects will be global.
The 10 Toughest Greek Austerity Measures
Greece begins to confront the true reality of austerity.
25 Things Every Wall Street Intern Should Know
Some words of wisdom for all the Wall Street Interns this summer.
Current DateTime: 09:26:56 02 Aug 2011LinksList Documentid: 38910635Expiration DateTime: 8/2/2011 9:27:35 PM
cnbc_commentCountMapObj.cnbc_commentCountMap_put("", "38910635_1","cnbcCommentsTxt" );
Twin Fears of Weak Economy and Euro Crisis Are Back
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43997217", "38910635_1","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43997217", "38910635_1","cnbcCommentsTxt" );
China Rating Agency Downgrades US Debt
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43996450", "38910635_2","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43996450", "38910635_2","cnbcCommentsTxt" );
West's Mid-Life Crisis Points to Power Shift East
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43995289", "38910635_3","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43995289", "38910635_3","cnbcCommentsTxt" );
New Layoff Wave Suggests Jobs Report May Disappoint
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43993475", "38910635_4","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43993475", "38910635_4","cnbcCommentsTxt" );
US Rating to Be 'Under Pressure' for Some Time: Fitch
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43991417", "38910635_5","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43991417", "38910635_5","cnbcCommentsTxt" );
Moody's Keeps Triple-A, Slaps US With Negative Outlook
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43992752", "38910635_6","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43992752", "38910635_6","cnbcCommentsTxt" );
Fed May Set the Stage for Further Action
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43992133", "38910635_7","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43992133", "38910635_7","cnbcCommentsTxt" );
Next Fed Easing to Include Inflation Target: Gross
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43991107", "38910635_8","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43991107", "38910635_8","cnbcCommentsTxt" );
10 Business Fakes Made in China
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43989506", "38910635_9","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43989506", "38910635_9","cnbcCommentsTxt" );
Debt Downgrade Unlikely to Push Interest Rates Higher
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43989306", "38910635_10","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("43989306", "38910635_10","cnbcCommentsTxt" );
cnbc_commentCountMapObj.cnbc_commentCountMap_put("", "38910635_1","cnbcCommentsTxt" );
» HelpCurrent DateTime: 09:19:37 02 Aug 2011LinksList Documentid: 38851925Subscribe to this RSS feed
Stay up to date with NetNet.
setDefault('cnbc_textbody');It's Time For Paul Krugman to Support Tax Cuts Published:
Tuesday, 2 Aug 2011 | 4:46 PM ET Text Size By: John CarneySenior Editor, CNBC.com
window.fbAsyncInit = function() {
FB.init({appId: 'your app i
Really, really runs this joint.
Reports on the major Wall Street firms, trading, and regulation.
A staff writer with CNBC.com, covering the gamut of issues affecting the stock market and the economy.
A Senior Editor at CNBC, commodity trader in a former life.
A Senior Talent Producer at CNBC.
Runs the graveyard.
The following list of people showcases some of the greatest trades in the business.
If Greece defaults on its sovereign debt, the effects will be global.
Greece begins to confront the true reality of austerity.
Some words of wisdom for all the Wall Street Interns this summer.
Stay up to date with NetNet.
Getty ImagesPaul KrugmanI agree with Paul Krugman that the deal to raise the debt ceiling is a disaster.
But it's time to start thinking beyond that debate. The economy is rapidly contracting. Every indicator is flashing red alert.
After this week's debt ceiling deal, there's no way the government is going to be able to employ its spending power to stimulate the economy. Republicans just won't allow the Obama administration to try a Keynesian spending fix.
So what's the next best option? Obviously a tax cut would help. Even if Americans just used the extra money from the tax cut to deleverage, we'd at least be helping the economy move out of the balance sheet recession
span#ExplainsLink a, span#ExplainsLink a img, span#ExplainsLink a:visited img, span#ExplainsLink a:visited {border:none;}
faster.
Would the tax cut require deficit spending and more borrowing? Almost certainly. But look at the bond market. It's practically begging for permission to give the government more money. Why not slash taxes and let markets put money into government savings accounts until things look a little better on the investment front.
The main barrier to tax cuts, as I see it, is not the budget deficit.
Republicans are willing to accept deficits caused by tax cuts. The barrier is Democrats, who think that tax cuts are unfair because they help the wealthy disproportionately.
Someone like Krugman would be an ideal candidate to explain that we can argue about fairness later. Now is the time for stimulative action. Time for a tax cut.
So, come on, Paul. How about it?
RELATED LINKSCurrent DateTime: 09:19:37 02 Aug 2011LinksList Documentid: 43992537Bond Traders Think This Debt Ceiling Deal Stinks
Questions? Comments? Email us at document.write("NetNet"+"@"+"cnbc.com");document.write('');
Follow John on Twitter @ twitter.com/Carney
Follow NetNet on Twitter @ twitter.com/CNBCnetnet
Facebook us @ www.facebook.com/NetNetCNBC
Read Full Article »
