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.
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: