Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: ild who wrote (114750)	7/27/2001 11:10:14 AM
From: patron_anejo_por_favor	Read Replies (1) of 436258

Volker is still da MAN! But I must confess that my ears perked up when I heard Paul Volcker warn about what should not be done. He was adamant in cautioning against a reflationary policy stimulus that might give rise to another boom in the US economy. This places him somewhat at odds with his successor, who has been easing monetary policy aggressively in the past six months in order to jump-start a nearly stagnant US economy. While Volcker was quite explicit in warning of the perils of recession as a means to overcome the current account deficit, he was equally clear in suggesting that it would be reckless to foster a climate of vigorous consumption that would further deplete personal saving. I couldn’t agree more. The last thing America needs is a replay of the excesses of the late 1990s -- a Nasdaq bubble, a massive IT overhang, a negative personal saving rate, and a record current-account deficit. Slower growth, rather than another boom, would be the optimal path under the circumstances still prevailing.

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