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, Allen Greenspan needs to create a housing bubble to replace the Nasdaq bubble.
~ Paul Krugman, 2002
Monday, November 1, 2010
Quote of the Day: Paul Krugman
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"..soaring household spending.." Can't believe this guy won a Nobel prize. What a tool.
ReplyDeleteLooks like he got what he wanted... (housing bubble)
ReplyDeleteThe unemployment rate in 2002 was 6%. What would they give to get 6% today?
ReplyDeleteSometimes it just seems like the more the "experts" try to manipulate the economy the bigger mess they create.
ReplyDelete