Tuesday, October 21, 2008

Don't Read This

If you want to remain in a good mood today. Bernanke's statement to Congress yesterday.

A 20% increase in unemployment this year. Nice.

Bernanke's life work has been a study of The Great Depression. Let's hope he learned something. More fiscal stimulus is on its way.

And if you're not depressed enough, from Nouriel Roubini:

...need traditional Keynesian spending of $300B to boost private consumption so that an unavoidable 2-yr recession doesn't become a decade long stagnation by hitting Main Street given that the private sector is not spending and the first stimulus was ineffective...

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