Both via Asia Times (though originally published elsewhere):
Dinner roll model
of Yale economics
A famous-yet-laughable Yale economist bonehead thinks the Fed can "mitigate" the US housing bust by taking "aggressive actions". This guy is saying that there IS such a thing as a free lunch! Hahaha! Bigshot Yale economist!
Road to ruin
The week saw the credit crisis engulf the epicenter of the US credit system. Not surprisingly, the Fed rate cut only seemed to exacerbate market tension, with oil, gold and commodities spiking and the dollar faltering. Those arguing that the Fed needs to cut rates aggressively to avoid recession are disregarding the much higher stakes involved.
Doug Noland wraps up the previous week's developments each Monday. (Nov 5, '07)