From a speech the other day at Princeton by Bernard Bernanke:
<<<<
The financial crisis did not discredit the usefulness of economic research
and analysis by any means. Indeed, both older and more recent ideas drawn
from economics have proved invaluable to policy-makers attempting to
diagnose and respond to the financial crisis.
>>>>
As the financial crisis has not been solved -- and is getting worse -- one
is entitled to ask what particular ideas have been "invaluable".
And another sentence of his:
<<<<
Recent events have made clear that understanding the role of financial
markets and institutions in the economy, and of the effects of economic
developments on finance, is more important than ever.
>>>>
What is very clear is that he hasn't the least idea of how all the present
mess has happened.
Keith
Keith Hudson, Saltford, England
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