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Thursday, June 18, 2009

In 2002 Paul Krugman called for a housing bubble as the answer to economic woes.

To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.

How's that working out for you Paul?

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