PIMCO quotes Minsky

[Bradford DeLong]

>Bradford DeLong wrote:
>
>>>Jeffrey Fisher wrote:
>>>
>>>>i just finally read (most of) this article . . .
>>>>
>>>>am i the only one reminded of the LTCM bailout? i'm thinking of his
>>>>suggestion of ordering banks to lend . . .
>>>
>>>This is more systemic than LTCM. LTCM was a potential break in the 
>>>payments change; he's talking about the solvency of nonfinancial 
>>>corporations, and how what's rational for one (balance-sheet 
>>>rebuilding) could be ruinous collectively. This is out of the box 
>>>stuff for bourgeois thought.
>>>
>>>Doug
>>
>>But this is low Keynesianism: the paradox of thrift; the fallacy of 
>>composition; et cetera, et cetera, et cetera...
>
>Do you read Wall Street economics?
>
>Doug

Clearly not as much as I should...

Brad DeLong