Do we have the capability to eliminate booms and busts in economic activity? The answer in my judgment is no, because there is no tool to change human nature. Too often people are prone to recurring bouts of optimism and pessimism.
March 15, 2010
Earlier this week, Bill Gross, manager of the world’s biggest bond fund at Pacific Investment Management Co., said the almost three-decade bond market rally may be drawing to a close. This might have a lot of investors worried considering they have poured $89 billion into bond funds so far this year! Is this the end of the bull market...