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Интернет помнит все. Колонка Пола Кругмана (того самого, нобелевского) в Нью-Йорк Таймс, 2002:
The basic point is that the recession of 2001 wasn't a typical postwar
slump, brought on when an inflation-fighting Fed raises interest rates
and easily ended by a snapback in housing and consumer spending when
the Fed brings rates back down again. This was a prewar-style
recession, a morning after brought on by irrational exuberance. 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.
Отличный оказался совет, не правда ли?
The basic point is that the recession of 2001 wasn't a typical postwar
slump, brought on when an inflation-fighting Fed raises interest rates
and easily ended by a snapback in housing and consumer spending when
the Fed brings rates back down again. This was a prewar-style
recession, a morning after brought on by irrational exuberance. 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.
Отличный оказался совет, не правда ли?
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