We're just sort of like the Eveready bunny. And we just keep going and we expect that to continue because of the strength of that housing market.
More Quotes from Franklin Raines:When they had difficulties they've had a tendency to lurch to the right and out of the mainstream, and we hope that doesn't happen this time,
Well, I think the best form would be to put money directly in the pockets of consumers.
Well, we're just now seeing the reductions in mortgage rates. The mortgage rates are based on the ten-year rate and the Fed controls the overnight or the shorter rates.
I think if you go beyond a year - if this continues into the system in the out years, I think there is a risk and that - that we could have a negative reaction in the bond market and that will offset the good that was attempted to be done.
And so we have to be careful with looking at additional stimulus that we don't provoke an increase in the bond rate and then offset a lot of the stimulus we've already got.
If there's a severe recession, the automatic stabilizers will come into effect, and we will still try to reduce the structural deficit, but we will not try to keep cutting the budget so that we keep worsening a severe recession.
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Our society has lost confidence in the power of reason, except perhaps scientific reason.
But on the other hand, I don't actively seek out stories or hunt them down.