Casey B. Mulligan, professor of economics at the University of Chicago writes that the current crisis is a banking crisis not an economic crisis and that Wall St is not a good indicator of economic growth.
He concludes by saying;
So, if you are not employed by the financial industry (94 percent of you are not), don’t worry. The current unemployment rate of 6.1 percent is not alarming, and we should reconsider whether it is worth it to spend $700 billion to bring it down to 5.9 percent.
