Re: Booze and Money (Tim Fernholz & Megan McArdle)
Tim's mad. Hope it's not because he got manhandled in his last appearance. Megan handled him like a petulant child. To think I felt sorry for him.
The naive insistance on the government's ability to part the oceans, or just "make it happen" hasn't been demonstrated here. Basically it's been proven false. It's ridiculous to use the bubble fueled 90's economy to demonstrate much of anything, especially this.
Tim never gets around to describing these well honed tools the Fed could use to end the recession or fix unemployment. He doesn't even acknowledge that monetary shenanigans can bring on the very thing he claims to be urgently concerned with. So the unemployment rate is 9.2%. Does your number scale stop there, or could unemployment skyrocket yet higher?
But as Tim would say, to hell with the raft of unemployed in five years. I want my 0.6% dip in unemployment now.