Reporting from Workstation 9

Martein Feldstein said in today's WSJ that a 100 percentage point cut is required, if we are to avoid entering a recession, and a fighting a recession is good thing.

I don't have much time, but I was reading up on Krugman's collection of articles on Japan(1998-1999 archive), and he beautifully explains why, easy monetary policy is sometimes is a good thing to help avoid slumps, instead of adopting the hangover theory of the Austrian Economists like Schumpeter, who say, every boom must be followed by a slump to remove the rot fromt he system.

Fascinating stuff and exciting times ahead for sure!