Arnold Kling digs up this Paul Krugman chestnut from 2002: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.
Oy. Might want to remeber that sentence next time you consider any of Krugman's economic advice.
(via Moynihan via McArdle)
Wednesday, June 17, 2009
'Things I'm Glad I Never Said'
(Quoted in full from Mark Hemingway over at NRO - The Corner)
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