Paul "King" Krugman knocked off his Ivory Tower as Fools Sack the Hill! - Capital Account with Mish

Minutes from the June FOMC meeting came out today. They revealed that a few Fed policy makers believe the central bank will probably need to take further action. Whether you think the Fed has failed by doing too much or too little, there is plenty of evidence it has succeeded in propping up the stock market. But are there signs even this is coming to an end? And though Fed members may expect moderate growth looking forward, Mike Shedlock, Investment Advisor for Sitka Pacific Capital, explains why he thinks the US is already in a recession.

Meanwhile US financial regulators have approved the definition of "swaps," beginning the gargantuan overhaul of a $650 trillion opaque derivatives market made possible years ago by their deregulation. Would pandora's box have been opened if lawmakers had read the bill that opened the hatches? Jerrol LeBaron, Executive Producer, "Fools on the Hill," will tell us about his mission to make lawmakers to read the bills they pass, and his efforts to guarantee the public has enough time to read them, too.

Spain's prime minister unveils another €65 billion of austerity. More of the same austere news we have come to expect out of Europe. However, what we found more interesting coming out of Spain was a Spanish economist tearing into Paul Krugman's Keynesian/Neoclassical arguments right in front of "King Kruman" himself. MISH piles on. Source