They hate Krugman because he keeps being right
No greater sin, if all you care about is who wears what jersey. Nancy Kruh of the Dallas Morning News on "Why I'm not taking a bath in the market":
The only economic expert I follow religiously is New York Times columnist Paul Krugman, and he is the sole reason I did something back in March 2008 that millions of people now wish they had done. I yanked every last penny I had invested out of the stock market.
For several months afterward, the market kept perking along, and I fretted that I'd made a huge mistake – the Fidelity adviser I discussed it with certainly thought so. These days, though, I'm careful to contain my glee around all of my friends and family members whose investments have tanked.
Of course, as we all know, Krugman single-handed-ly burst the bubble because he hates Obama. And besides, he only won the Nobel for theories on international trade, so what would he know about finance? And Krugman's son worked for She Who Cannot be Named. Betcha didn't know that, nyaah-nyaah-nyaah.
There are times when I think that the bigger fool theory is not confined to the stock market...
NOTE Not to put Krugman on the level of a stock tout. But the guy has a vision )model) of our political economy, and so far it's proved out pretty well.