Fed’s Reduction of Interest Rate
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Consumers are expected to spend in order to get the economy going, while also saving in order to make more credit available for business and construction loans.
Even Alan Greenspan, when asked in a press conference about the apparently contradictory admonitions for consumers, was at a loss for how to explain the obvious absurdity. The Fed chairman was previously reluctant to reduce interest rates. Now he seems ready to drop interest rates through the floor, if need be.
KESHAV KAMATH
Santa Monica
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