ST. LOUIS FED PRESIDENT SAYS “BAD LUCK” RESPONSIBLE FOR ECONOMY
From CNBC Squawk Box:
JAMES BULLARD: The economy, I think 2011, you know, I think the chairman said maybe obliquely, but it’s a bit of bad luck in 2011, I have to say. I was expecting better things in 2011. I thought that that would be the year…
HOST: Bad luck for the economy?
BULLARD: Bad luck for the economy.
Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.
This is known as “bad luck.”
— Robert Heinlein