The reason the recovery was so feeble was you still had these hangover effects from the real estate and banking sectors, ... Real estate was still reeling from excess capacity and the whole thrift industry had been decimated by bad loans.
More Quotes from Ethan Harris:
The markets are going to be a bit uncertain as to how to react, given that the Fed is waiting in the wings, ... They are all going to be looking ahead toward the FOMC meeting to see what the Fed's verdict is on the data rather than reacting as it comes out. They'll be sort of holding their breath.Ethan Harris
We are going to get some follow-through, some hiring, but it will be slow. I don't see wage growth coming back in the next year.
Ethan Harris
Rising rates could have a tremendous impact on slowing consumer spending. Consumer spending has been about 6 percent, when adjusted for inflation. Rising rates could bring it down to 2 or 3 percent.
Ethan Harris
With few signs that consumer prices are about to break to the upside ... along with signs that aggregate demand remains robust, we expect the Fed will not only vote to keep rates constant, but will leave the growth and inflation bias statements unchanged.
Ethan Harris
The U.S. pointing to China is a bit like the pot calling the kettle black. The deficit with China reflects poor policy on both sides of the Pacific.
Ethan Harris
Our feeling is that because you have a new central banker, they are going to want to err on the side of restraint against inflation.
Ethan Harris
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Right around the end of the fifties, college students and young people in general, began to realize that this music was almost like a history of our country - this music contained the real history of the people of this country.
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