by Mark Thoma, University of Oregon (Department of Economics)

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Tim Duy: Not So Bad?

Posted on July 18, 2008

Tim Duy gives and answer to Brad DeLong's question:Not So Bad?, by Tim Duy: Brad DeLong is puzzled. Earlier this week,defending Greenspan-era monetary policy, Now we are not yet out of the woods. If the tide of financial distress sweeps the Fed and the Treasury away--if we find ourselves in a financial-meltdown world where unemployment or inflation kisses 10%--then I will unhappily concede, and say that Greenspanism was a mistake. But so far the real economy in which people make stuff and other people buy it has been remarkably well insulated from panic at 57th and Park and on Canary Wharf.Tod...

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current account deficit , deficit , economy , fed , federal reserve , greenspan , housing , housing bubble , inflation , interest rates , the fed , treasuries