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James Carville

James Carville

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Right you are Professor ! We are reminded of James Carville speaking with Louis Uchitelle in the 6/12/1994 NYTimes Sunday Magazine:"I used to think that if there was reincarnation, I wanted to come back as the President or the Pope or as a .400 basball hitter," he said.

"But now I would like to come back as the bond market.

You can intimidate everybody."The people who were bailed out, saved, had their capital preserved and now need someplace to reap double-digit returns cannot all purchase NYMEX oil contracts, so they are speculating on inflation by bidding up interest rates.

Thus, we are still plagued with too much wealth concentrated in too few hands, creating market inefficiencies like speculative energy bubbles and bond market alternative realities.There is more work for the Obama administration to do to restore market efficiencies and curb destructive speculation.



http://community.nytimes.com/article/comments/2009/05/29/opinion/29krugman.html
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