measure of the financial deficit that households are running at an annualized rate.
More Quotes from Paul Kasriel:The Fed is a price fixer it fixes the price of short-term credit. If there's an increase in demand for credit, interest rates want to rise. But because the Fed is fixing the price of credit to keep rates from rising, it has to create more reserves or allow banks to create more money, and that's what leads to bubbles.
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.
We really don't want to give Greenspan a grade yet. You want to wait a year or two to see whether the seeds turn to weeds.
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.
To me, a cut now would just entice households to go deeper into debt, and that game has a limit to it.
This reflects the low interest rates we saw earlier in the summer. While I wouldn't say that a major contraction is imminent yet, I suspect this is close to being the last hurrah.
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