Wednesday, October 27, 2010

Reading Halloween Night With Zombies By Jeremy Grantham

Always must read quarterly report by Jeremy Grantham, or alternatively here. This describes the "mood" of script well:
In almost every respect, adhering to a policy of low rates, employing quantitative easing, deliberately stimulating asset prices, ignoring the consequences of bubbles breaking, and displaying a complete refusal to learn from experience has left Fed policy as a large net negative to the production of a healthy, stable economy with strong employment.

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