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Politics : Politics for Pros- moderated
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From: LindyBill8/24/2007 9:52:29 AM
   of 793866
 
Becker and Posner on the Fed

By Greg Mankiw

Gary Becker gives his take on Fed policy during this financial crunch. Richard Posner also comments, concluding as follows:

Studies in cognitive and social psychology have identified deep causes for the overoptimism, wishful thinking, herd behavior, short memory, complacency, and naive extrapolation that generate speculative bubbles--and that require heavy doses of reality to hold in check. Any efforts to soften the blow will set the stage for future bubbles. gregmankiw.blogspot.com
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