but unfortunately it's Steve's 2nd Talk at Cambridge. I had to take screen shots to get the graphs, I've seen the public / private graph out there a number of times but can't find one at the moment. But this man is solid. You can judge the depth of scholarship in a recent pdf.
Bailing out the Titanic with a Thimble
http://www.debtdeflation.com/blogs/wp-content/uploads/papers/NotKeenOnBailoutsFinal.pdfMy Favorite Quote:
2007 OECD Economic Outlook, which was published a mere two months before the crisis began in earnest:
...the current economic situation is in many ways better than what we have experienced in years. Against that background, we have stuck to the rebalancing scenario. Our central forecast remains indeed quite benign: a soft landing in the United States, a strong and sustained recovery in Europe, a solid trajectory in Japan and buoyant activity in China and India. In line with recent trends, sustained growth in OECD economies would be underpinned by strong job creation and falling unemployment.The OECD should merge with S&P, but perhaps they already have. :)
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