It would take time for that to occur and during this period of adjustment -- some things might not get done -- maybe some crops won't be picked or some hotel rooms won't get cleaned.
More Quotes from Mark Zandi:
They don't have Greenspan's practical edge to them, but they all have academic and government policy experience. I hesitate to say they won't live up to Greenspan, but that would be hoping for an awful lot.Mark Zandi
if the financial markets were reeling and the images from the Gulf were getting worse instead of better, if energy prices were rising instead of falling. But given the economic data and financial markets, there's no reason to make a symbolic move.
Mark Zandi
A month ago the markets would have interpreted getting rid of measured as meaning that a 50 basis point hike was possible. Now the market won't know if it would mean no change, another quarter-point move, or a 50 point hike is next and that's precisely why the Fed should take it out,
Mark Zandi
The consequences are more serious. Right now there is zero margin for error. Nothing can go wrong.
Mark Zandi
Economists say that as housing markets begin to cool, bankruptcies are likely to increase. At some point you will get a combination of falling values combined with rising payments on adjustable mortgages, which will result in more bankruptcy, ... For these areas of the country that are enjoying such wonderful conditions right now, it will become much less wonderful a few years down the road.
Mark Zandi
The economy is strong, and if history is a guide it should suggest inflationary pressures should develop, but they haven't. Given the crosscurrents in the economic inflation data, it will difficult for him to be clear-cut.
Mark Zandi
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The highest reward that God gives us for good work is the ability to do better work.Elbert Hubbard
I won't miss Grissom. It was a complete life for me that's reached its end, and it's reached it in the right way, I think. So I won't miss Grissom. And I hope that the audience won't miss him either.
William Petersen
Sometimes to realize you were well, someone must come along and hurt you.
Perry Farrell