Whatever You Tax You Get Less Of.

I Don't Know Where The Stock Market Is Going, But I Will Say This, That If It Continues Higher, This Will Do More To Stimulate The Economy Than Anything We've Been Talking About Today Or Anything Anybody Else Was Talking About.

Developing Protectionism Regarding Trade And Our Reluctance To Place Fiscal Policy On A More Sustainable Path Are Threatening What May Well Be Our Most Valued Policy Asset: The Increased Flexibility Of Our Economy, Which Has Fostered Our Extraordinary Resilience To Shocks.

Given Our Inevitably Incomplete Knowledge About Key Structural Aspects Of Our Ever-changing Economy And The Sometimes Asymmetric Costs Or Benefits Of Particular Outcomes, A Central Bank... Need To Consider Not Only The Most Likely Future Path For The Economy But Also The Distribution Of Possible Outcomes About That Path. They Then Need To Reach A Judgment About The Probabilities, Costs, And Benefits Of The Various Possible Outcomes Under Alternative Choices For Policy.

I've Been In And Out Of Wall Street Since 1949, And I've Never Seen The Type Of Animosity Between Government And Wall Street. And I'm Not Sure Where It Comes From, But I Suspect It's Got To Do With A General Schism In This Society Which Is Really Becoming Ever More Destructive.

The More Flexible An Economy, The Greater Its Ability To Self-correct In Response To Inevitable, Often Unanticipated, Disturbances And Thus To Contain The Size And Consequences Of Cyclical Imbalances.