It's the type of step you would want to take when you've had a decade-long fixed structure, ... I think they've been cautious and admirably so. |
Keep 'em low, Al. |
Keeping out competitively priced goods would materially lower our standard of living. |
Large deficits will result in rising interest rates and an ever-growing ratio of debt service to GDP (gross domestic product), |
Let me say this anyway on the record: We do not and have not been targeting stock prices for the purposes of endeavoring to stabilize this economy, ... We react if and when stock market price changes impact on the economy. We respond to the economy. |
Look at it! Look at it, damn you! This is the result of your consistent, persistent, grinding, impoverishing inflation, you despicable loathsome morons! |
Looking ahead, the consensus expectation for a pickup in economic activity is not unreasonable, though the timing and extent of that improvement continue to be uncertain, |
Lower budget deficits are the surest and most direct way to increase national saving. Higher national saving would help to lower real interest rates, spurring spending on capital goods so as to put cutting-edge technology in the hands of more American workers, |
Lower equity prices and higher financing costs should damp household and business spending, and greater uncertainty and risk aversion may also lead to more cautious spending behavior, |
Lowering the deficit further in the near term, however, will be difficult in light of the need to pay for post-hurricane reconstruction and relief, |
Many homeowners might have saved tens of thousands of dollars had they held adjustable-rate mortgages rather than fixed-rate mortgages during the past decade. |
Maybe he will act more to target inflation and be more strict |
modest, but it can be expected to be not negligible. |
More uncertainty, however, surrounds the outlook for inflation, |
Most people are so traumatized that the thought of doing anything other than preserving cash is not first on their agenda, ... If you wait too long, you lose your window of opportunity, but there's no need to move forward before the August recess. |