The Fed really tried to throw some cold water on those who are saying the recession's over already, ... The optimists are declaring it over already ... I think there's a good chance they're wrong, and the Fed obviously is predicating policy on the basis that they are wrong.
More Quotes from Alan Blinder:
In the classic old business cycle, there would be a diminution in sales it would take a little while for this information to reach corporate headquarters, ... And there would be an inventory pileup. And then - bam - businesses would react, sometimes violently, by cutting production.Alan Blinder
Public opinion is presumptively an input to policy formation in a democracy because politicians respond to it or at least are believed to respond to it.
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
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.
Alan Blinder
And the maestro surely wielded the chairman's baton with extraordinary skill. His stellar record suggests that the only right answer to the age-old question of whether it is better to be lucky or good may be both.
Alan Blinder
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