>
> And if I had been writing the article, I would have focused on the
> weaknesses: a bunch of European central bankers who seem absolutely
> clueless about what their job is
As opposed to our Bubblemeister, who knows exactly what his job is: keep the printing presses running 36 hours a day, maintain a "steady flow of capital to households", making sure they don't have to sell their stocks to pay off their credit cards, and do whatever he has to do keep the Bubble going until he retires; even going on TV to say that internet stocks are undervalued.
Seriously, Brad, I was shocked that you don't even mention the Bubble in your list of concerns. Perhaps you agree with Al, that current valuations simply reflect the "effectiveness of US capital"?
You are not "unqualifiedly bullish", like Al was in January of 1973, are you?
> Brad DeLong
-- Enrique Diaz-Alvarez Office # (607) 255 5034 Electrical Engineering Home # (607) 272 4808 112 Phillips Hall Fax # (607) 255 4565 Cornell University mailto:enrique at ee.cornell.edu Ithaca, NY 14853 http://peta.ee.cornell.edu/~enrique