Hamilton not Menzie?
This was on James Hamilton's blog over the weekend:Not the sort of headlines [bankruptices of a regional airline and a towel store] you'd expect to see if you thought we're not in a recession. And not what you'd want to see if you still had hopes of avoiding one.Ummm... headlines are exogenous to beliefs we're in a recession? Don't think so. (h/t Craig "not craigslist" Newmark)