Lyle Gramley
Lyle Gramley
Lyle Elden Gramleywas an American economist. Involved in economic policymaking during the Carter and Reagan presidencies, he served on the Council of Economic Advisers from 1977 to 1980, and on the Federal Reserve Board of Governors from 1980 to 1985...
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Financial markets are going to become uneasy about this because Alan Greenspan has become an oracle,
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What the Fed is trying to do, by being more transparent and more communicative, is highly desirable. But there are going to slips along the way. Ben will learn and the markets will learn.
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Mortgage rates haven't been significantly lower than the rates we have today since the 1960s.
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My concern is not with a double-dip recession. It's with the likelihood we are gong to be in an extended period of growth below potential, and that would mean rising unemployment.
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Crisis management has been elevated to a very fine skill under his tutelage.
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This is an economy that's been struggling to keep its head above water for some time, so this kind of a rise in long-term interest rates is not welcome at this point,
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This is a situation where the uncertainties have suddenly become huge. If all the concerns translate into much lower personal spending, then the economy could falter.
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Anyone who sits at that table knows that if the Fed puts his head up in the midst of an election campaign when it's not necessary to do so, that would be a rather foolish thing to do. You don't want people shooting at you unnecessarily - you'd rather live to fight another day.
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The bottom line is that their principal concern is that inflation might go lower, so we'll get the same kind of statement we got last time.
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I would interpret higher stock prices in two ways, ... It's an indication of improving confidence in the economy's recovery, and it increases the confidence and wealth of consumers, adding to consumer spending.
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Being Fed chairman only increases his value that much more.
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His answer was an honest one -- I think the markets misinterpreted what I said.
He's not going to be the world's oracle.
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I don't think the evidence that small businesses are affected adversely is terribly compelling, ... I think tax cuts had a useful role in getting the economy going again, but we probably could have accomplished much of that with a narrower, more focused tax cut.