I blame Alan Greenspan, that sentimental Randian. Free money (sorry, "guaranteed liquidity") worked for him in the '87 crash, soon after he became the Fed chair. When he warned against its dangers ("irrational exuberance") in the mid-90s, the market paid no attention for 5 years. 2000 crash, he replays the '87 free money thing, and we got the housing bubble-based recovery. For several years he thought the market really was a self-correcting good thing, just like Ayn Rand foretold. When everything everywhere went splat all at once in 2008, he apologized to Congress that is worldview might need a little tinkering. The new guy, Hank Poulaon, remiedies the global clusterfuck situation with...free money. And here we are.
It's okay to see this as a tale of feckless boomers, and the grownups who indulge them.
will the book contain profanity? I'm still crying from when you were asked to change the name of this newsletter back in the day.
hahaha yes but likely not as gratuitous as AFN - I need to design some kind of honorary badge for subscribers that have been around since those days!!
I blame Alan Greenspan, that sentimental Randian. Free money (sorry, "guaranteed liquidity") worked for him in the '87 crash, soon after he became the Fed chair. When he warned against its dangers ("irrational exuberance") in the mid-90s, the market paid no attention for 5 years. 2000 crash, he replays the '87 free money thing, and we got the housing bubble-based recovery. For several years he thought the market really was a self-correcting good thing, just like Ayn Rand foretold. When everything everywhere went splat all at once in 2008, he apologized to Congress that is worldview might need a little tinkering. The new guy, Hank Poulaon, remiedies the global clusterfuck situation with...free money. And here we are.
It's okay to see this as a tale of feckless boomers, and the grownups who indulge them.
LETS FUCKING GOOOOO
Congratulations Erin! Excited about this project
I hope Read Margins gets a whole chapter. Cankut and Ranjan really nailed it in this essay https://www.readmargins.com/p/zirp-explains-the-world