Thursday, December 13, 2012

Not Just The Fed

All of the Very Serious People have been constantly predicting that the light at the end of the tunnel was just around the corner for years.

If in late 2008 I would have predicted that unemployment wouldn't drop to 6.5% until 2015 people would have thought I was crazy, in large part because they would have thought the policy response would fix it. Of course those same people got the policy response wrong, so here we are.