13.6.03
Dopey Al Greenspan
fighting deflation now
"We're far more unclear on the issue of deflation [than inflation], and as a consequence, we need a wider firebreak, in logging and forestry terms, because we know so little about it. So we lean over backwards to make certain that we contain deflationary forces," Greenspan said.
fighting inflation then
Greenspan: "Then we are like the boat heading towards the dock, and instead of turning so we don't go slamming into the dock, we go straight into the dock, and find out that we should have turned, at least partially, in order to come into, to create a triple metaphor, I guess, a soft landing."
scary to think he could be less clear on deflation than he is on inflation. given that he had blown the soft landing before he even knew he was going to need one, what kind of odds do you want to put on this deflation-abating "firebreak".
fighting deflation now
"We're far more unclear on the issue of deflation [than inflation], and as a consequence, we need a wider firebreak, in logging and forestry terms, because we know so little about it. So we lean over backwards to make certain that we contain deflationary forces," Greenspan said.
fighting inflation then
Greenspan: "Then we are like the boat heading towards the dock, and instead of turning so we don't go slamming into the dock, we go straight into the dock, and find out that we should have turned, at least partially, in order to come into, to create a triple metaphor, I guess, a soft landing."
scary to think he could be less clear on deflation than he is on inflation. given that he had blown the soft landing before he even knew he was going to need one, what kind of odds do you want to put on this deflation-abating "firebreak".
