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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club

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To: Wally Mastroly who wrote (12266)3/6/2000 1:37:00 PM
From: Justa Werkenstiff  Read Replies (1) of 15132
 
Wally: This speech was key IMO. Compared to his last speeches which crowed about the productivity in the US economy, this one offered very little of that tone. Usually this takes up half of his speech. Not today. Instead, he has hammered home the negative side of productivity. I will have to check the number of times he mentioned "imbalances." Funny, that is exactly the word I was looking for in his speech. The tone has changed at the Fed. and the change is an important one IMO.

Quote:

"Until market forces, assisted by a vigilant Federal Reserve, effect the necessary alignment of the growth of aggregate demand with the growth of potential aggregate supply, the full benefits of innovative productivity acceleration are at risk of being undermined by financial and economic instability."
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