Seeing Like BlackRock

The view from E 52nd St

The self-congratulation of US elites was at a historical peak in the late-1990s. While Clinton threw parties at the White House to celebrate the success of the New (Hourglass) Economy, Alan Greenspan was hailed as a living Saint. By mid-decade inflation expectations had become anchored on target. But by the end of the decade, expectations about future s…