My naivete about government officials
8 hours ago
An admit to IIM Bangalore talks about MBA, IIM, and life.
the era of aggregate volatility had come to an end. We believed that through astute policy or new technologies, including better methods of communication and inventory control, the business cycles were conquered. Our belief in a more benign economy made us more optimistic about the stock market and the housing market. If any contraction must be soft and short lived, then it becomes easier to believe that financial intermediaries, firms and consumers should not worry about large drops in asset values.
The system they have in place now seems to be one that works very well when the economy is good, but now that there are no employers coming -- no one knows what to do