Saturday, August 22, 2009

The Folks Who Missed the Largest Financial Bubble in the History of the World Are Confident That the Recession is Over

That would be the world's central bankers who are convened at their annual meeting in Jackson Hole, Wyoming. Four years ago this same group had a Greenspan retrospective in which they debated whether Alan Greenspan was the greatest central banker of all time. It might have been worth noting the track record of this group -- the people most responsible for the current economic crisis -- when the NYT gives us their assessment of the world economy.

It might also have been worth noting the greatest claim to fame of Frederick Mishkin, a former Fed governor cited in the article. Mr. Mishkin wrote an analysis of Iceland's economy in 2006 assuring the world that it was thriving.