Economist Paul Kasriel has put together a fascinating presentation on why the economy continues to be so sluggish. The title is a play on Texas Gov. Rick Perry's contention that Federal Reserve Chairman Ben Bernanke would be committing treason if he were to increase the money supply.
Kasriel's presentation (as a pdf): "If some dare call it treason, was Milton Friedman a traitor?".
And NY Times writer Joe Nocera wrote a column about Kasriel's presentation: "Ahem. It's the lack of credit, stupid!".
Both are excellent, thought provoking reads.