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scott sumner is an economist with a blog called MoneyIllusion.com

His econtalk interveiw makes me think the Fed is not out of ammo to boost
asset prices, if not the real economy. 'Inflation targeting'
or in sumners's preferred phrase 'nominal gdp targeting. He thinks the
Fed will do this if we get a Europe crash moment like Lehman. Makes me despair for a moment like March 2009 when the world is so hopeless. Stock buyers may have to settle for a shallower pullback, like in the 70s bear.
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