28 Aug 2008

Recession Episode III: The Revenge of Keynes

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I have to run to a power lunch* but when I return, I promise to explain why these financial press discussions of recession are absurd. Reading these conventional analyses, you would think that if the dollar just kept falling, and consumers ran up their credit cards to buy DVDs and steak dinners, then we would have strong economic growth.

*Note on nomenclature: A “power lunch” is one in which I scrounge for money from possible clients. In preparation, I have been studying beagles and how they droop their eyelids.

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