I would not have believed you. But is is true.
And so I gotta ask: Does John Cochrane have no friends? It is intervention time here: Cochrane is doing himself and his reputation no good by this.
He ought to simply say that he was clearly underbriefed back in 2007-9 and said some stupid things, that he recognizes that the world has evolved since 2007 in ways strikingly inconsistent with the beliefs he had then, apologize, and go back to doing what he does (or perhaps used to appear to do) well, asset pricing, and do that well--if he still can).
His friends need to tell him this.
Frances Coppola is not his friend:
The Gullible Economist: "I think John Cochrane has lost his marbles...: