Sunday, September 25, 2011

Why the recession continues

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.

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