This was our Nobel for Economics winner of 2008. More proof that our economic situation wan’t an accident, wasn’t the result of insufficient regulation, but was engineered by those very regulators.
“To fight the recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley or Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.” -Paul Krugman, 2002
(via FalkenBlog)
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