On “Seven More Years of Hard Times?”
September 20, 2010 Leave a comment
Cogent conclusion of an interesting (somewhat technical) review of some important recent research on periods of economic recession and financial crises. In short, we are in this for the long haul.
It is not true that if you break a mirror, you will have seven years’ bad luck. That is a superstition. But if you allow a financial market to spin wildly until it breaks down, it really does seem that you run the risk of years of economic malaise. That is a historical pattern.