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In the book, Ferguson cites James Carville, when he was Bill Clinton's campaign manager:

"I used to think if there was reincarnation, I wanted to come back as the president or the pope or a .400 baseball hitter. But now I want to come back as the bond market: You can intimidate everybody."

Such is the power of financial democracy (or oligarchy?!).

I see a lot of subjective demand and supply in the modern economy and financial world - perceptions or anticipations, what the supplies and demands should be, or blind herd following of investment fashions or "best available" strategies. The two big theories do not apply well to bubble periods; they basically ignore relevance of bubbles. Regarding post-bubble depressions, I don't see how Friedman helps.

by das monde on Thu Sep 3rd, 2009 at 12:43:55 AM EST
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