Links 12/20/07

The State of the US Economy Lawrence Summers, The Brookings Institution. Summers draws a distinction between recessions caused by central banks putting on the brakes to slow inflation, versus ones created by stress in the credit markets due to overextension during asset bubbles. The latter take longer to resolve and are more difficult to treat. Summers also gives policy recommendations, including a big but short duration shot of fiscal stimulus.

Racehorse winning secret revealed BBC. No, you won’t get any betting tips. Another vantage on the perennial nature vs. nurture question.

He Was Passionate about His Borrowers Financial Armageddon

Housing prices: We’re in for it as it is! Accrued Interest. AI tries determining what housing prices “ought” to be and comes to some surprising conclusions.

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  1. Gavin

    Yves, what’s your take on the results of MBIA’s disclosure to CDO-squareds and the Fed auction?

    Isn’t there supposed to be a stigma on borrowing from the Fed?

    And, more to the point, a stupid question: What do you think Congress will do when (note: i didn’t use the word “if” for a good reason) a bank borrows from the Fed and BK’s before the 28 days are up?

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