The creation of credit by the Fed, just like the scrip printed by a counterfeiter, does not result in the increased supply of energy.
More Quotes from Paul Kasriel:
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.Paul Kasriel
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.
Paul Kasriel
If we have a rising unemployment rate, we're going to see some tightening in credit terms to the household sector, which has been keeping things going,
Paul Kasriel
I agree with Gross. It's been refinancing of mortgages -- basically eating into one's seed corn -- that has been sustaining consumer spending. When that peters out, it's not clear what's going to kick in.
Paul Kasriel
For the Bush administration, Hubbard is a good soldier, he's out there being a cheerleader and the Fed says everything's OK. But you can't see their hands behind their backs, with their fingers crossed.
Paul Kasriel
Those who have lived through the 1970s remember the tremendous toll that accelerating inflation took on the economy and vowed to never make that mistake again,
Paul Kasriel
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