Given all the other spending we're having to do for homeland defense and the military, my suspicion is that inflation is going to be higher than what the White House thinks and probably what economists in the Blue Chip survey and Congress think as well. Historically, when we've seen a pickup in government spending concentrated in military spending, you tend to get somewhat higher inflation.
More Quotes from Paul Kasriel:
If people start losing their jobs, ... it's going to be hard for them to keep current on all that debt.Paul Kasriel
You're effectively lowering the cost of capital for corporations, and anything to lower that cost will help in inducing more plant and equipment spending.
Paul Kasriel
Nobody wants a strong currency, and since the U.S. currency is fundamentally weak, foreign central banks need to buy up dollars to keep their currency from appreciating.
Paul Kasriel
When you're the world's banker, you really need to maintain the world's confidence in you and your currency. If you start telling creditors you're going to pay them back in currency that doesn't buy as much, they won't want to bank with you any more.
Paul Kasriel
Every time we think the bond market is acting irrationally, we usually find out a month or two later that it was rational, that some people participating in the bond market knew more than most of us economists did -- which is not really a great feat.
Paul Kasriel
Up until 2000, households in the post-War period had never experienced a decline in their net worth on a year-end to year-end basis, ... But they did in 2000, they did in 2001, and they're on course for it again in 2002.
Paul Kasriel
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