Fiscal Cliff An Artificial Crisis
“in my book The Bubble and Beyond … The idea is the same one that had pension capital—pension fund capitalism in the 1950s. From the time that General Motors started its pension funds, there's been a tidal wave of pension fund contributions into the stock market. That created a stock market boom in the '50s, in the '60s, into the '70s.
“[T]he idea of privatizin…