Simple Doesn't Mean Stupid. Thinking That It

I've Always Believed In Expansionary Monetary Policy And If Necessary Fiscal Policy When The Economy Is Depressed.

I Really Think That People Have To Think Safety; Taking Risks For Higher Yield Is A Bad Idea Once You're In Late Or Latish Middle Age.

We Know That Advanced Economies With Stable Governments That Borrow In Their Own Currency Are Capable Of Running Up Very High Levels Of Debt Without Crisis.

In Fact, I'd Say That The Sources Of The Economy's Expansion From 2003 To 2007 Were, In Order, The Housing Bubble, The War, And - Very Much In Third Place - Tax Cuts.

But Where Will The Fed Find Another Bubble?