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Does this sound familiar? The financial history of the past decade is replete with echoes of Fisher's colossal 1929 miscalculation. A brilliant Fed chairman was credited with banishing panics and ushering in what economists called the Great Moderation. An explosion of financial innovation was deemed to have provided investors, corporations and banks with new ways of managing risk. Prices of stocks, houses and other assets rose to levels that were high by historical standards--but who was to say the market was wrong in fixing those high values...
...dispersed information. They regulated global economic affairs with a swiftness and decisiveness that governments couldn't match. And then, as debt markets began to freeze up in 2007, suddenly markets didn't do any of these things. "The whole intellectual edifice collapsed in the summer of last year," former Fed chairman Alan Greenspan said at a congressional hearing in October...
...figure in the revival was the University of Chicago's Milton Friedman--and his libertarian ideological bent was certainly a factor. Friedman never believed markets were perfectly rational, but he thought they were more rational than governments. Friedman saw the Depression as the product of a Fed screwup--not a market disaster--and convinced himself and other economists (without much evidence) that speculators tended to stabilize markets rather than unbalance them...
Pigs eat a lot, and you had to work hard to keep them fed. You and your boyfriend mapped all the best Dumpsters in the area, and dived right into them for food...
...problem with being present when your baby falls asleep is that they'll also expect you to be there to help them get back to sleep each time. "If you're rocked to sleep, nursed to sleep, fed to sleep at bedtime, you're going to need that every time you wake...