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.
October 21, 2013
The other night I entered a Cheesecake Factory restaurant and found myself smiling to no one in particular as my mind drifted back to over twenty years ago. I recalled sitting at the Prime Rib in Baltimore with David Overton, founder of The Cheesecake Factory restaurant chain, and his Chief Financial Officer Bill Kling. We had a large...