John Tamny of Forbes
James Grant, editor of the eponymous Grant’s Interest Rate Observer, recently described himself in the The Wall Street Journal as a “glass half-full kind of fellow.” But despite his reputation as somewhat of an economic bear, Grant believes that the looming economic recovery “will be a bit of a barn burner.”
Basic logic supports Grant’s point of view. Indeed, the negative tradeoff to periods of rising economic health is that businesses and individuals become flabby. Businesses become less careful in their investing and hiring, and in their search for profits they often overpay for questionable investments–think Time Warner’s purchase of AOL–while hiring marginally less productive workers.
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