Tuesday, March 03, 2009

Best two sentences I read today 

In other words, if God came down and told us the exact date the current recession was going to end, my forecast subsequent to that date would be for higher than normal growth. But absent that divine intervention, there is always some chance the recession will linger (remember the Great Depression), and our forecast has to give some positive probability weight to that scenario as well.
Greg Mankiw, on the CEA forecast. More comments to follow later.