Thursday, November 14, 2013

How Janet Yellen Misvalues the Stock Market

A careful argument by Andrew Smithers, at the PBS NewsHour's Making Sen$e page.

One hopes that central bankers will be better at spotting market excesses in the future than they have been in the past. I applaud Andrew for trying to keep them more focused on this important topic than they tend to be, and for backing his argument so thoroughly with data.