Don’t Worry About Interest Rates — They’re A Phantom Menace
{ Posted on Nov 23 2009 by Paul Krugman }
A funny thing happened on the way to a new New Deal. A year ago, the only thing we had to fear was fear itself; today, the reigning doctrine in Washington appears to be “Be afraid. Be very afraid.”
What happened? To be sure, “centrists” in the Senate have hobbled efforts to rescue the economy. But the evidence suggests that in addition to facing political opposition, President Obama and his inner circle have been intimidated by scare stories from Wall Street.
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See Also:
- Prechter: Everyone Is Bullish Now, So 2010 Will Be A Year Of Horrible Market Declines
- Niall Ferguson: Roubini Is Okay, But He's Not As Good As Me
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