Poetic Justice: Paul Krugman Declares Bankruptcy

[The Annoyed Man]

http://dailycurrant.com/2013/03/06/paul ... bankruptcy
Paul Krugman Declares Personal Bankruptcy
Mar. 06, 2013

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.

Paul Krugman is a vile little thug of an Obmanomic apologist, a gun-grabber, and a communist down to his marrow. This story paints a picture of incredible personal irresponsibility, and this feckless puke presumed to lecture the rest of us about taxes and wealth retention. I am guessing that given his incredible chutzpah he isn't even embarrassed.

[RX8er]

I read this over on The Daily Currant. It would be better if it were actually true though.

[The Annoyed Man]

I read this over on The Daily Currant. It would be better if it were actually true though.

Did I get caught with my shorts down by a satirical story?

[JALLEN]

How do you get $6-7 million in mortgage financing and end up with assets of only $33,000? Real estate values have had a haircut in the last 6 or 7 years, even a crewcut, but if he had lost the asset, he would have also lost the mortgage debt or most of it. Also, over $600k in credit card debt? Even the big banks aren't THAT stupid.

Something doesn't add up, but I guess that's the problem anyway, isn't it?

[Carry-a-Kimber]

Seems as if the article is a satire piece.

[RoyGBiv]

If it's any consolation, I assumed you knew it was satire TAM.
We can agree to call it "Wishful Thinking"

http://www.economicpolicyjournal.com/20 ... sonal.html" onclick="window.open(this.href);return false;

[philip964]

All the headlines on their site are pretty funny.

[MeMelYup]

I saw Personal Bankruptcy and thought there was Morals behind it.