Econspeak

The Ancient pointed FLG to this presentation at MIT, and God bless him for thinking FLG could possibly understand remarks that are prefaced with statements like this:

We already started with a consumption function that depended on transitory and permanent income, a channel from interest rates to consumer durables, and a real net wealth effect a la Franco Modigliani.

Although, in all seriousness, the specific remarks prefaced by that statement did contain this one sentence that FLG understood. When answering a rhetorical question of why the dot com bust wasn't as bad as the current housing crisis, Great Depression, or Japan's relatively recent troubles it was short and sweet - leverage.

FLG has been playing that tune for a long, long time.