We reached the point where we don't trust our model anymore. That's why we were below the consensus.
More Quotes from Ethan Harris:
At every stage in the past three years, employment has disappointed relative to overall activity. It's a chronic issue, and there's been a tendency for economists to hope this will finally be the month when improvement occurs. But I have no reason to believe it will.Ethan Harris
Nobody thinks the risk of inflation is equal to the risks of recession -- all indications are on the down side. The only way to rationalize this is that Fed Chairman Alan Greenspan wanted a half-point cut, and to get a unanimous decision, he had to go to a neutral statement.
Ethan Harris
Companies have been able to maintain incredible productivity growth for a low-growth economy. It does look like firms are finding ways to use technology and make do with fewer workers.
Ethan Harris
The Fed is trying to get us to stop listening to them and start listening to the forecast. If inflation picks up, and growth stays persistently above 3.25 percent, the Fed has more tightening rate raising to do.
Ethan Harris
There is a history both in appointments under the Bush administration and the Fed chairmanship itself of people off the list being picked. Bush does seem to have a proclivity to pick people with a more business background for his economic positions,
Ethan Harris
What happened is that initially the market breathed a sigh of relief when the storm was downgraded to a Category 4 and missed New Orleans, ... they are starting to look at the damage more seriously. We are seeing further upward pressure on oil prices. People are starting to think about the many aspects of the destruction here.
Ethan Harris
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I almost rented a house by an architect named Schindler, but I couldn't afford it. It was a jewel.Parker Stevenson
As we watch TV or films, there are no organic transitions, only edits. The idea of A becoming B, rather than A jumping to B, has become foreign.
Esa-Pekka Salonen
The other work we started in 1992, it is called Over the River, Project for the Arkansas River in the state of Colorado, we haven't got the permit yet. And, we are working at both of those, trying to get the permit. Therefore, we do not know which one will be realized next.
Christo