The Goldman Sachs economist is quoted as saying that Greenspan eased in response to Russia's 1998 default even though many on the board wanted to tighten. Unemployment dropped to 4 percent and labor shared in productivity gains something that hadn't happened in a while and hasn't happened since.
This led to the stock bubble (and jobless recovery and housing bubble.) Say the easing was correct. What could have been done to prevent the stock bubble?
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