Professor James Hamilton in the excellent Econobrowser has been warning that he is not seeing the signs of economic recovery that everybody is talking about. On the contrary, he keeps harping on the theme that there are chances of a long depression. "...aligning the March 2009 bottom with what proved to be a temporary low at the end of 1929, invites the interpretation that we've just turned down on a long, long descent."
Exactly what I need in my current bad mood. In the end of the note, he reminds us:
But let us at least agree on this much-- stock prices can go down as well as up.
2 comments:
Stock prices will not be allowed to go down too far. As I have said before, the value money will be sacrificed first.
Anon.
..the value OF money ...
(Corection).
Anon.
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