Best Krugman Quote Ever
"To fight this 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 of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble." - Paul Krugman, August 2002The department of poetic justice should make him wear that as a sign around his neck. How can we take anything he says about the aftermath of the housing bubble seriously?
His current, money-printing, Keynesian view is essentially that Ben Bernanke should create a commodities bubble to replace the housing bubble.
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3 comments:
Fantastic quote!
Why can't more people understand this?
I referenced this quote in my latest post.
Real Wage and Salary Disbursements Per Capita
I always forget, too, about the Nobel prize!
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