Krugman and the Problem of the Rentiers

Krugman has a post up right now about the political economy of stimulus - that is, why elites support austerity instead of stimulus.  He ends up with the same puzzle I was writing about a little while ago.  Rich people would seem to gain tremendously from a run-up in asset prices, so what is their objection to expansionary monetary policy?

Anyway it's hardly a coincidence, my ideas are almost entirely generated by reading Krugman's blog and his columns (which is why you will recognize that I use a lot of his terminology).