From Merrill Lynch forecaster-in-chief David Rosenberg’s morning memo:
“… New York Times article by Louis Uchitelle in December 1990 on the housing and credit crunch. In the article, there is a quote that goes like this –
“This is different from the experience of the Great Depression, but something related to the 1930’s is beginning to happen”.
Guess who it was that said that…
“Ben Bernanke, a Princeton University Economist”
Is there a single “adverse feedback loop” that Bernanke didn’t think was the beginning of the next Great Depression?