The event was supposed to be a celebration of academic achievement, but the timing was poignant. Two months earlier, the financial crisis had erupted in London and many other parts of the West, leaving hordes of economists and pundits scurrying to provide analysis. As the Queen toured the building, Luis Garicano, one highly regarded economist, presented her with some charts that purported to show what was going on in finance.
The Queen peered at the brightly colored lines. “It’s awful!” she declared, in her clipped, upper-class vowels. “Why did nobody see the crisis coming?”
From This Week with George Stephanopoulos, 14 October 2018. From the discussion with Larry Kudlow. From the rush transcript:
STEPHANOPOULOS: Do you believe the Fed is out of control?...this economic boom, which virtually no one expected...
KUDLOW: I do want to add, however, quickly -- look, I don’t, personally, and the president respects the independence of the Fed. Let me make that very clear. He said as much during these comments. He is not telling them or mandating them to change their strategy, he’s not telling them to change their policy, he’s just raising a very important issue. Which, by the way, everybody else in the world is also raising. I do think -- want to say this -- pretty much everybody believes that we want this economic boom, which virtually no one expected, we want this boom to continue.
1 comment:
Why did no one see the vigor coming?
Because no one was watching the TCMDO/M1SL ratio, the debt we have to pay, relative to the money we have to make the payments.
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