To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble. Judging by Mr. Greenspan's remarkably cheerful recent testimony, he still thinks he can pull that off. But the Fed chairman's crystal ball has been cloudy lately; remember how he urged Congress to cut taxes to head off the risk of excessive budget surpluses? And a sober look at recent data is not encouraging.
Paul KrugmanRelated topics
alan ball bubble budget business cloudy congress crystal cut datum encouraging fed fight head housing household investment judging moribund needs off offset paul pull recent recession risk soaring spending tax testimony nasdaq snapbackRelated quotes
I don't need to praise anything so justly famous as Frost's observation of and empathy with everything in Nature from a hornet to a hillside; and he has observed his own nature, one person's random or consequential chains of thoughts and feelings and perceptions, quite as well. (And this person, in the poems, is not the "alienated artist” cut off from everybody who isn't, yum-yum, another alienated artist; he is someone like normal people only more so - a normal person in the less common and more important sense of normal.)
Randall Jarrell
War means fighting. The business of the soldier is to fight. Armies are not called out to dig trenches, to throw up breastworks, to live in camps, but to find the enemy and strike him; to invade his country, and do him all possible damage in the shortest possible time. This will involve great destruction of life and property while it lasts; but such a war will of necessity be of brief continuance, and so would be an economy of life and property in the end. To move swiftly, strike vigorously, and secure all the fruits of victory is the secret of successful war.
Stonewall Jackson
My philosophy of life is that the meek shall inherit nothing but debasement, frustration and ignoble deaths; that there is security in personal strength; that you can fight City Hall and win; that any action is better than no action, even if it's the wrong action; that you never reach glory or self-fulfillment unless you're willing to risk everything, dare anything, put yourself dead on the line every time; and that once one becomes strong or rich or potent or powerful it is the responsibility of the strong to help the weak become strong.
Harlan Ellison
Unfortunately, throughout the housing crisis we've seen innocent homeowners who have been victims of shady mortgage lenders and unscrupulous individuals who have used a down market to line their own pockets at the expense of others. This bill is designed to send a message by revising our laws to ensure criminals are brought to justice and that law enforcement has the tools to uncover these fraudulent schemes and go after the bad actors. Criminals should be put on notice that ripping off homeowners and taxpayers won't be tolerated.
Chuck Grassley
Financial markets are supposed to swing like a pendulum: They may fluctuate wildly in response to exogenous shocks, but eventually they are supposed to come to rest at an equilibrium point and that point is supposed to be the same irrespective of the interim fluctuations. Instead, as I told Congress, financial markets behaved more like a wrecking ball, swinging from country to country and knocking over the weaker ones.
It is difficult to escape the conclusion that the international financial system itself constituted the main ingredient in the meltdown process.
George Soros
