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.
July 27, 2011
Investors might recall the media frenzy that was whipped up over the Y2K brouhaha at the end of 1999. Billions were spent preparing for an impending technological Armageddon or at least ... total gridlock. Cars were certain to crash at every intersection. Banks would find electronic vaults empty. And computerized airborn planes were...
July 12, 2011
It’s amazing how emotion impacts memory; even if the emotion is not yours. It was 1947 and the emotional excitement was my father’s. The war was over and we were living in public housing, the project. My father excitedly brought me outside to see his prized purchase, a new car. It was the beginning of our journey into middle class, one that...