Things I'm Glad I Never Said
By Arnold Kling
Paul Krugman, writing in August of 2002:
To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.
Thanks to a this comment for the pointer.
Prophetic. You have to give him that.