FT.com / Markets / Insight - Insight: Life won’t be easy in the ‘nasty decade’

And I was having such a good day....

FT.com / Markets / Insight - Insight: Life won’t be easy in the ‘nasty decade’

For the Fed, a Recession -- Not Inflation -- Poses Greater Threat - WSJ.com

Can't think of any commentary at the moment... but take a minute to go through this, it is a good read.

That '70s Show - WSJ.com

In no way am I begging for a recession in 2008. But if we have one, however bad it may be, it surely won't be as bad as anything resembling the "s-word".

I'm all for growth, but I don't feel like that is the Fed's main responsibility, price-stability is. Sacrificing price stability in favor of growth will leave us with neither.

And it is not just me highlighting this, but also people way smarter than me.

That '70s Show - WSJ.com

Here's the money quote:

One lesson of the inflationary 1970s: A country that will not accept the possibility of a small recession will end up having a big one when the politicians at last respond to the public's complaints about inflation. Instead of paying the relatively small cost of a possible recession, the public pays the much larger cost of sustained inflation and a deeper recession. And enduring the deeper recession is the only way to convince the public that the Fed has at last decided to slow inflation.

The s-word

Oh #$%@&#^*$%#@!!!!