No sooner had I posted my note on recession over the weekend than I got a message from my friend and colleague Christopher Holmes Smith on, yes, the recession and the fraught economic times that we confront.
posting this because Chris makes some typically insightful points, and because
in a fit of pique I supposed, I went into a fair bit of detail on some of the
points that I touched on in the previous post. I hope this further illuminates
what’s going on.
Special thanks to the redoubtable Joshua Wallman for his prodding and conversations on economic matters.