THE KNOW-IT-ALL VS. THE KNOW-NOTHINGS.

• Position: Paul Krugman - Brief Article

Economist Paul Krugman, an unreconstructed defender of the Old Economy, has a reputation for hurling personal insults at New Paradigm devotees in print -- he likes to use the word "dumb." But the super self-assured Krugman apparently has no compunction about insulting people to their faces, either. At a recent conference that Morgan Stanley Dean Witter sponsored for top hedge fund managers in the Bahamas, Krugman was invited to share his economic views with the elite investors.

While Krugman was making his presentation, several of these investor legends acted puzzled and indicated that what they saw happening in the economy didn't square with what he was saying. They had a very different view of reality than Krugman, whose professional...