My letter in the Times UK today

[Skip to the end] Sir, A ‘Payroll Tax Holiday’ as a follow up the ‘Troubled Asset Relief Programme’ (TARP). I agree with Tim Congdon’s “Harsh arithmetic behind the banking crisis” (The Times, 2nd October, 2008). However, while the TARP may marginally improve asset prices, it does not directly address interbank liquidity nor aggregate demand. While the Fed has relaxed [...]