For a man who spent his entire career, over half a century, generating ~2% inflation leading to the great middle-class wealth transfer known as the “great moderation”, and of course the great financial crisis, personally experiencing 40% deflation in under three months must be the supremest of ironies.
Oh wait, 40% two weeks ago. Make that 50% deflation as of today… or as the Princeton economics department would say, an annualized deflation rate of #Ref!
And in other news, one wonders how long before the brand new book of that other financial humorist gets the Joseph A Bank “buy 1 get 3 free ” treatment.
Out of curiosity, just how does one get rich carefully by losing 95% in Bear Stearns a week ahead of its insolvency?