Do you like stimulus packages? I know that you do. Here are two fun facts:
1. The stimulus worked
2. The stimulus wasn't nearly enough
Now it's my recollection that Krugman has been saying this for years. But this is the winning quote:
Everyone always thinks this time will be different: The bubble won’t burst because this time, tulips won’t lose their value, or housing is a unique asset, or sophisticated derivatives really do eliminate risk. Once it bursts, they think their economy will quickly clamber out of the ditch because their workers are smarter and tougher, and their policymakers are wiser and more experienced. But it almost never does."Tulips won't lose their value."
"Nobody's making more real estate!"
No comments:
Post a Comment