When the fog of war is finally lifted, we may find that economic growth remains weak because monetary policy turns out to be less accommodative than the Fed thought.
More Quotes from Paul Kasriel:
What the Fed has done in the past two years has driven us deeper into debt, ... and since I think that is one of the issues ailing the economy now, I don't see going deeper into debt as a cure.Paul Kasriel
Economists are notoriously bad at predicting turning points. They're like credit ratings agencies, they don't anticipate things very well.
Paul Kasriel
We should get a little better growth in the second half -- but not enough. By the end of the year, maybe we will have enough to stabilize the unemployment rate, but I think we will probably see a further drift up in the unemployment rate.
Paul Kasriel
In most periods throughout history, households were net suppliers of money to the economy, ... Today, by a record amount, they are net borrowers from the rest of the economy.
Paul Kasriel
He goes up to Congress, and they ask him questions about everything except monetary policy. It's unprecedented that a central banker is sort of viewed as an omniscient economic policy czar. It's not his responsibility.
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
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