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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: DuckTapeSunroof who wrote (18066)	8/28/2009 2:53:28 PM
From: Broken_Clock	1 Recommendation Respond to of 103300

True. But opening challenging Greenspan to initiate a housing bubble then denying it after the bursting bubble sends the world off the cliff is a bit much. Ya think?(I see the NYT link is operating again. -g- From: Yulya 7/11/2009 4:29:08 PM 1 Recommendation of 101417 By PAUL KRUGMAN Published: Friday, August 2, 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 Message 25775810 nytimes.com