"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."
I think of Paul Krugman as the great Naked Emperor of the economics profession, and when I listen to the good professor as I did today to his Robbins Lectures, I can't avoid picturing the man naked and alone stammer out the words I'm hearing in his nervous "crazy man" voice. Count yourself lucky if you don't also have this reaction.
ht Mish
