The economy is roaring, as all indicators show.
And the government had nothing to do with it. It was the Fed.
An economy with $2 trillion in new money will rocket upward, along with inflation and interest rates.
This is the classic blunder by an academic economist who's never spent a minute in the real world.
The only part of the economy that's reeling is housing, and that disaster was caused by academics and politicians. It'll soon be fixed by private enterprise.
I'll bet him lunch any place in town that he is wrong.
Professor Spence?
* * * * * J B K * * * * *
San Francisco
March 10 (Bloomberg) -- The U.S. faces an extended recovery from the recession even after the government infusion of cash into stimulus programs and the banking system, said Andrew Michael Spence, a Nobel laureate in economics.
"Right now the expectations are that somehow the government can magically restore the economy to balance," Spence said in an interview today on Bloomberg Radio. "A more realistic view is it's going to take several years."
http://www.bloomberg.com/apps/news?pid=20601068&sid=a_yKsEoR3464
