Greenie, you may recall, said he was clueless).

Aren't they really all clueless? ;-)


2old,

The problem is, all joking aside, they are clueless, as are we. For example, the suggestion Samuelson seems to prefer is that we are going back to the '50s, with low bond yields and low inflation. But think about all that is different:

1) Back then, only a small, wealthy elite, plus institutions, invested in stocks, and everyone else just shoved money in the bank or bought US Savings bonds, and the savings rate was much higher.

2) Back then, the federal government wasn't running a deficit in the general fund of 6% GDP.

3) Back then, consumers weren't in debt up to their eye-teeth, and people who did buy homes bought them to live in for their lifetimes.

4) Back then, there wasn't a massive generation about to retire, needing to cash in on what savings (including S.S. ???) to survive.

I'm clueless.