Economists like to cite Stein’s Law: “If something cannot go on forever, it will stop.” I think it needs to be paired with another law — let’s call it Glassman’s Law — along the lines of “If something unsustainable goes on for a while, there will be people claiming it can go on forever.”
-Paul Krugman
Related Podcast;
Glassman of JPMorgan Expects U.S. to Avoid Recession
Note- Krugman is talking about a different Glassman.
ReplyDeleteNope. James "Dow 36,000 and I don't mean Yen" Glassman in both cases.
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