The genius of the Fed economists

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Says Minneapolis Fed president Gary Stern:

“The recession is likely to persist through mid-year and the initial stage of the recovery seems likely to be subdued,” Stern said Thursday.

Golly, I guess it will all be over soon, since Gary Stern obviously knows what he’s talking about.

On the other hand, Al Lewis was kind enough to point out Gary’s brilliance from 2007, when asked about the problem of massive sub-prime debt:

“It seems unlikely to become big enough to have an impact on a $13 trillion economy.”

8:37 pm on March 26, 2009