“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.” — Paul Krugman, writing in 2002, Link via Arnold Kling here, who has more here.
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Is that why I see lot’s of celebrities going on shopping spree?
What is required is that business change their mindset about recession, it’s a downward spiral right now.
yes that is really true, we are really on a economic depression. I also think that rich people needs to help also lifting our world’s economy not going on a shopping spree.