I And Others Were Mistaken Early On

The Risk That The Economy Has Entered A Substantial Downturn Appears To Have Diminished Over The Past Month Or So.

The Crisis And Recession Have Led To Very Low Interest Rates, It Is True, But These Events Have Also Destroyed Jobs, Hamstrung Economic Growth And Led To Sharp Declines In The Values Of Many Homes And Businesses.

The Fed Is Totally Open.

A Meritocracy Is A System In Which The People Who Are The Luckiest In Their Health And Genetic Endowment; Luckiest In Terms Of Family Support, Encouragement And, Probably, Income; Luckiest In Their Educational And Career Opportunities; And Luckiest In So Many Other Ways Difficult To Enumerate - These Are The Folks Who Reap The Largest Rewards.

The Benefit Of Appointing A Hawkish Central Banker Is The Increased Inflation-fighting Credibility That Such An Appointment Brings.