You're essentially renting from your bank with an option to buy,
More Quotes from Paul Kasriel:
It's almost become a random number.Paul Kasriel
OPEC doesn't suffer from money illusion. It decided they want an honest dollar for an honest barrel of oil.
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
You can compare it to a corporation that issues stock and bonds and uses the money not for plant and equipment, but to throw a party for the employees.
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If the Fed pauses here, rates will come down, the house ATM machine will get filled up again, and we can all go back and do more refinancing. But if they keep going, like some people believe they will, then we will have a recession in the second half of 2005.
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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
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