The Financial Crisis Appears To Be Mostly

The Lesson Of History Is That You Do Not Get A Sustained Economic Recovery As Long As The Financial System Is In Crisis.

I And Others Were Mistaken Early On In Saying That The Subprime Crisis Would Be Contained. The Causal Relationship Between The Housing Problem And The Broad Financial System Was Very Complex And Difficult To Predict.

It Takes About Two And A Half Percent Growth Just To Keep Unemployment Stable.

It Is Not The Responsibility Of The Federal Bank - Nor Would It Be Appropriate - To Protect Lenders And Investors From The Consequences Of Their Decisions

If Current Trends Continue, The Typical U.s. Worker Will Be Considerably More Productive Several Decades From Now. Thus, One Might Argue That Letting Future Generations Bear The Burden Of Population Aging Is Appropriate, As They Will Likely Be Richer Than We Are Even Taking That Burden Into Account.