… know when to run! A not-to-be-missed Quote of the Day from Tyler Cowen:
When you consider the speech as a whole, Obama is promising the largest and most ambitious attempt at rate of return arbitrage in the history of the human race.
Obama’s speech was very effective but it is mostly about borrowing more money. It is odd that in a time when capital markets and attempted arbitrage have so failed us the solution is to resort to…capital markets and attempted arbitrage.
More interesting than the banality-defining New York Times analysis, no?