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Krugman Now Sees the Perversity of Economics' "Culture of Fraud", By William K. Black

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Image uploaded from a quicklink Krugman seems particularly surprised that Mankiw (Harvard) would join the fraudulent culture, but Mankiw has been notorious in this regard for nearly two decades. He was a discussant at Brookings in 1993 when George Akerlof and Paul Romer presented their paper ("Looting: the Economic Underworld of Bankruptcy for Profit"). Akerlof and Romer explained how accounting "control fraud" occurred, why it was a "sure thing," and how it hyper-inflated bubbles and drove financial crises. Akerlof and Romer (working in conjunction with savings and loan regulators and white-collar criminologists), ended their article with this paragraph in order to emphasize their central message: Neither the public nor economists foresaw that [S&L deregulation was] bound to produce looting. Nor, unaware of the concept, could they have known how serious it would be.

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