So I guess we all make mistakes after all, eh Paulie?
Back in May, Paul “Golden Boy” Krugman wrote this little article mocking conservatives who said that we were seeing an oil bubble.
The Nobel man finishes the article with this little nugget of wisdom:
“Again, I wouldn’t be shocked if oil prices dip in the near future — although I also take seriously Goldman’s recent warning that the price could go to $200. But let’s drop all the talk about an oil bubble.”
I wonder if he considers this picture as a “dip” he wouldn’t be shocked about:
I also wonder how one can explain this based purely on supply and demand. Even worst, Paulie was predicting the current crisis back then… He must have taken that into consideration when predicting future oil prices, right?
Now, Goldman at least has to go through the public shame of redacting their predictions (now they say oil will be around $45 a barrel next year). Unfortunately, I can’t find any additional Golden notes of knowledge from Krugman about this subject since May.
I wonder what people who invested in crude futures think about him now. Next thing you know we will be bailing out Exxon. I wonder if Krugman would oppose it.