The State of the US Economy Lawrence Summers, The Brookings Institution. Summers draws a distinction between recessions caused by central banks putting on the brakes to slow inflation, versus ones created by stress in the credit markets due to overextension during asset bubbles. The latter take longer to resolve and are more difficult to treat. Summers also gives policy recommendations, including a big but short duration shot of fiscal stimulus.
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That’s right Larry, spend spend spend! Right down to the last credit card.
Yves, what’s your take on the results of MBIA’s disclosure to CDO-squareds and the Fed auction?
Isn’t there supposed to be a stigma on borrowing from the Fed?
And, more to the point, a stupid question: What do you think Congress will do when (note: i didn’t use the word “if” for a good reason) a bank borrows from the Fed and BK’s before the 28 days are up?