“Volcker told a business audience in Seoul that the Fed’s bond plan is obviously an attempt to spur the U.S. economy but ‘is not the kind of action that’s likely to change the general picture that I’ve described as slow and labored recovery over a period of time.’”
Bad news for elected officials—if Volcker is right, then lots of incumbents are going to be voted out of office in the next election cycle. Americans don’t believe in slow and labored recoveries. They want miracles.
As for next election cycle, voters would be further radicalized.
We don’t expect miracles but we do demand competance..
>>Bad news for elected officials—if Volcker is right, then lots of incumbents are going to be voted out of office in the next election cycle.<<
I pray that this happens. We need a cleaning from the bottom floor to top floor ceiling. I think we may find that we don’t need all the floors that we currently use.
“Americans don’t believe in slow and labored recoveries. They want miracles.”
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They have a right to expect miracles, Obama promised miracles! On the stage at Denver he said that he would defeat POVERTY, DISEASE AND CLIMATE CHANGE! That is the kind of thing that if you can’t do it quickly then you just can’t do it at all. If you claim the powers of a god then it is rather pathetic to say that you need more time to work your miracles.