Friday, October 10, 2008

There Is No Reason to Panic

Casey Mulligan in The New York Times
An Op-Ed piece by Casey Mulligan in the New York Times. He very clearly lays out economic arguments as to why things are just not that bad.
He concludes as follows:
So, if you are not employed by the financial industry (94 percent of you are
not), don’t worry. The current unemployment rate of 6.1 percent is not alarming,
and we should reconsider whether it is worth it to spend $700 billion to bring
it down to 5.9 percent.

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