Sunday, September 28, 2008

Casey Mulligan says "Since World War II, the correlation between the inflation-adjusted commercial paper yield and subsequent inflation-adjusted growth of GDP per capita is zero." I haven't made up my mind yet, but I really want to believe Prof. Mulligan's corollary, "The Treasury and the Fed should let Wall Street drown alone, to be replaced by new financial service providers who can swim as robustly as are non-financial American businesses."

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