Just about urrvabody said:
Krugman blah blah despair yadda Krugman, blah blah.
I understand. You need a barometer. Someone or something to tell you how to feel about all this day to day. Some way to know whether to go for a nice walk, or dig a shelter in the backyard.
The Dow doesn't work. Too enigmatic. Too full of contradictions. It is a symbol of something evil. Because only rich people own stocks (wrong, but you're not changing your mind so I'll concede the point -- eeeeeevil). You feel bad about feeling bad when it goes up and you feel bad about feeling good when it goes down.
But, hey, Krugman works. He's "one of us," sorta. He has a populist vibe, and a batting average somewhere north of Glenn Beck and somewhat south of Nostrodamus. Like you, he had Obama's back during the elections, and now he's not so sure. He hasn't cut and run yet, but he's worried enough to use words like "despair."
Red flag. Economists aren't supposed to use words like despair to describe themselves. If they use the word "despair," they're supposed to pair it with another economisty word like "index."
With due respect to Mr. Krugman, whose work has undeniable value, his diet appears too rich in his own press. Or, it may be that he regrets having been too academic in his language two years ago when he predicted the mortgage meltdown and feels obligated to reach laypersons this time. I don't know.
But I do know this is not about him.
I have a degree in economics from what most people consider a really good college, and I follow this stuff pretty closely. Despite that, what I do not understand about our current predicament could stretch from here to the Kuyper Belt, and my mind warps over the complexity of the task facing our president and his economic team. And all I know from reading Paul Krugman is that whether the sky is raining cinders or dropping rose petals on a perfumed breeze seems increasingly arbitrary, and prone to weekly shifts. I already have a magic 8-ball, thanks.
There are no shortcuts to understanding here. There is no single barometer. We are all going to need to appreciate and accept complexity, and stop following mascots.