He was confident in his judgment, and he was right. The lesson is that sometimes you can't wait for the data to be definitive.
More Quotes from Alan Blinder:
Never treat only one productivity number that seriously, ... What you have to remember is that productivity has always been very cyclical. When the economy sags, productivity sags.Alan Blinder
What this illustrates is the virtue of being more plain-spoken and the dangers when you are not.
Alan Blinder
We all remember the 'jobless recovery' of the 1990s -- that experience was, for the labor market, significantly worse than any in post-World War II history,
Alan Blinder
There is a kind of a cascading chain, ... If one can't sell, then that business doesn't buy and that means the next business doesn't sell, and the previous business doesn't sell, and so on.
Alan Blinder
We will soon learn whether the Greenspan era has created a deep reservoir of faith in the Federal Reserve, or just in Alan Greenspan.
Alan Blinder
It's not a lack of transparency when you stop giving information when there is nothing to give, and we're getting pretty close to that point.
Alan Blinder
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Why indeed must 'God' be a noun? Why not a verb - the most active and dynamic of all.
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I taught them everything they know, but not everything I know.
James Brown