Paul Krugman praises Stan Collender, and writes::
Bond Market Deficit Cheerleaders: Just to add a further point: the austerity now now now crowd poses as the sober voices warning governments not to ignore the dictates of all-powerful financial markets. But the signals from the financial markets don’t at all point to a need for early austerity. So what the austerity people are in effect saying is that they are smarter than bond investors — that they know what the bond market is going to want, it just doesn’t know it yet.
And on this basis they want us to ignore the plight of tens of millions of jobless workers.