Cassidy in New Yorker

[Doug Henwood]

I read Cassidy's piece last night. After talking up the possibility of a
crash, he then closes with a reassuring quote from Milton Friedman, of all
people. "'I suspect we will have a recession when the bubble bursts.' But,
he added, 'It need not be more than am ild recession - if the Fed does its
job.'" So why devote thousands of words to evoking the dramatic parallel
with 1929 to end on such a whimper?

Cassidy also assures us that the Fed will tighten, perhaps as soon as next
week. This is a minority view, but he speaks with the authority of a
leakee. Wonder how he knows this.

Doug