People got thrown for a loop by the stock market crash at beginning of the decade. It doesn't seem impossible that local housing bubbles bursting would have an effect on people's views of savings. Obviously consumption would take a hit if people save at the historic rate.
More Quotes from Tom Schlesinger:
It would be unhealthy for the Fed to get bogged down in an internal debate about the merits and demerits of inflation targeting if it preventedTom Schlesinger
The Federal Open Market Committee does not appear from any of its official statements or from the speeches and testimony of its members, to be concerned about excessively strong labor markets or the prospect of wage inflation,
Tom Schlesinger
More than any of his predecessors, he has gone public with every issue under the sun. I'm not sure there's a right answer, but I think it's worth talking about in a public forum what ought to be boundaries of the Fed governors' comments.
Tom Schlesinger
This is the most sluggish recovery on record, which seems to puzzle the Fed chairman. But it reflects the Greenspan style of running things he presided over a similarly tepid recovery in the early 1990s. Tom Schlesinger, director of the Financial Markets Center, a monetary-policy watchdog, thinks the lopsided economy is the most disturbing hallmark of Greenspan's governance. The Fed has said almost nothing about this, except vice chairman Roger Ferguson says there's nothing the Fed can do particularly, ... The jobless recovery appears to be a new feature of the US business cycle. Yet the principal agent of economic management says nothing.
Tom Schlesinger
It's certainly unpredictable as to how long this is going to go, and how deep it is going to be and what the impact will be.
Tom Schlesinger
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