Only last July BDL wrote, "If the tide of financial distress sweeps the Fed and the Treasury away--if we find ourselves in a financial-meltdown world where unemployment or inflation kisses 10%--then I will unhappily concede, and say that Greenspanism [lowering interest rates to prevent an economic slump] was a mistake."
Since unemployment hit 10.5% per cent in the 1980-1982 recession, it would seem that BDL is now saying that unemployment will "kiss" higher than 10%. Will he concede that Greenspanism was a mistake? Or is he just trying to have it both ways - predicting a 10% unemployment rate in the one case, pretending it's not going to happen in the other?
Why oh why can't we have better economists?