Nouriel Roubini and I debate the issue in the latest installment of the Wall Street Journal Online's Econoblog. Get it while it's still free.
UPDATE: Andrew Samwick agrees with me, as does William Polley (and both add to the argument). But I didn't dent Brad Setser's resolve, and be sure to check out the discussion board at Econoblog where, last I looked, the sentiment was running heavily in Nouriel's favor.
UPDATE, THE SEQUEL: The Eclectic Econoclast reports that Peter Drucker agrees with Roubini and Setser.
MORE: Michael at Global Trader's Diary adds his thoughts.
YET MORE: An excellent summary by Kash ar Angry Bear.
ONCE MORE: Brad DeLong comments on Kash's post (thanks, pgl). However, he does neglect to link to the Econoblog debate that instigated Kash's remarks Hey, Brad! Give us some love!
I TAKE THAT BACK: Professor DeLong graciously comes through.
MORE WORTHY STOPS: General Glut says "My contrary nature pushes me towards the 'hard landing' group, but I'm convinced that this landing is further off than either of the Brads [DeLong and Setser] seem to suggest."
Don Boudreaux suggests we keep our eye on the "ultimate source of whatever genuine problems exist – namely, here, outlandish government spending and excessive deficit financing." I think Nouriel may agree with him on this point.