Capital Journal: Washington Must Admit Deficit Addiction - WSJ.com:
"It might also be worth considering how things have changed economically with current and past Fed easing:
In the past the Fed lowered rates and banks lent to businesses and consumers to restart the economy.
This time, the Fed has lowered rates and the banks have bought Treasury securities. Thus, most of the stimulus has been to expand government spending.
Is this the harbinger of a sustainable recovery? If productive capacity hasn't increased much but rates move up, what will be the impact? Etc., etc."
Tuesday, April 27, 2010
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