The Krugman gambit
Paul seems to only have one card these days, but he does play it very, very well.
It's the "nothing is ever enough card" and he got it out again in Sunday's NY Times.
The way it works is this:
(A) Lobby for any and all expansionary policies.
(B) Then, when an expansionary policy get proposed or enacted, pitch a fit and say that it's way too small and will never work.
(C) When said policy doesn't work (which of course could well be because the policy is bogus) scream "I told you so" over and over at the top of your lungs.
Was the "problem" with the stimulus bill simply that it was too small as Paul claims? Or was it that a temporary burst of government spending no matter how large is not going to come close to curing an economy that is suffering from a severe real shock/wealth loss?
One thing that's for sure as a matter of simple logic is that the fact that Paul said "it's too small", doesn't prove at all that's why if failed. Yet people (and Paul) often act as if it does.
Now he's pulled the same gambit with QE II, a policy that's unlikely to "work" no matter what size is chosen.
Well played, sir. Kudos!