I'm in Silicon Valley on Friday for the annual economic summit organized by Stanford University. Earlier in the morning, the government reported that the nonfarm payrolls registered the fastest rate of decline since 2003 and the markets predictably tanked. Good thing the Wall Street crowd didn't have a video link to the presentation by Havard professor (and ex-Harvard president and former Treasury Secretary) Lawrence Summers. Then they'd really bolt for the nearest bar.
"I believe we are facing the most serious combination of macroeconomic and financial stresses that the U.S. has faced in a generation--and … Read more