A recession is in the eye of the beholder, and the eye of the NBER, but clearly we're struggling here. We're at stall speed and it's not clear what, in the short term, is going to get the economy's nose up.
More Quotes from Paul Kasriel:
I have a firm belief in the marketplace, ... Every day, every seller, whether it's a seller of gasoline or a seller of services -- an employee --, wants to raise the price of his or her product, but they face competition. If I want a raise, but there's someone else out there willing to do my job for less, then my boss is going to tell me that if I want a raise, get on the elevator.Paul Kasriel
In a longer-run sense, I would view it as marginally unproductive, a worsening of the trade-off between growth and inflation. But will we be able to detect that I doubt it.
Paul Kasriel
The labor market is improving, optimism is improving and spirits will be higher this holiday season. Sales are going to better than OK, they're going to be good.
Paul Kasriel
You can't make it up on volume if you're borrowing at 4.25 percent and lending at 4 percent.
Paul Kasriel
O'Neill was like the offensive line of the Green Bay Packers playing in a dome -- they can't hear signals. O'Neill couldn't hear the signals the White House was sending, and they got rid of him. Presumably, Snow has better hearing.
Paul Kasriel
Since central banks aren't letting their currencies appreciate against the dollar, that implies that all the currencies will depreciate against gold and commodities in general.
Paul Kasriel
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No one in this world has ever lost money by underestimating the intelligence of the great masses of the plain people. Nor has anyone ever lost public office thereby.
H. L. Mencken
Pardon me for loitering in front of an orchestra.
John Goodman