William Poole
William Poole
William Poole, also known as, Bill the Butcher and Bill the Butcher Poole, was the leader of the New York City gang, the Bowery Boys and a leader of the Know Nothings political movement...
declines households question suffering
There is no question that many households are suffering declines in real incomes.
account adjustment current deficit disruptive economic fall future growth hard inevitable likely painful question stability whether
The question is not whether the U.S. current account deficit will fall in the future but whether the inevitable adjustment is likely to be painful and disruptive of U.S. economic growth and stability -- a hard landing.
benign inflation outcome reason similarly
I see no reason why we should not see a similarly benign inflation outcome this year,
cold pressures prices true winter
There will be some pressures on households, and that will be particularly true if we have a cold winter and natural-gas prices go up even further.
employment exert greater habits housing income influence pocketbook spending state
Other economy-wide developments, especially income and employment growth, typically exert a much greater influence on the consumer's pocketbook and spending habits than does the state of the housing industry.
aim broad measures percent pick
Our aim is to keep inflation, in general, down. If I had to pick a point, it is to keep these broad measures in a one to two percent range.
continue economy inflation process risks skewed underlying view
We should continue that process as long as we have the view that the underlying economy is pretty robust...and the inflation risks are skewed to the upside,
business decline expect fixed growth leveling source
I would not expect any precipitous decline in housing. I would expect it to just be leveling off, and you would see new source of growth from business fixed investment.
meeting point situation unlike year
Unlike the situation a year ago...at this point I very much go meeting by meeting by meeting.
handling markets
From what I know of that situation, markets are handling it very well,
account adjustment begin believe current fairly quite slow
I believe the current account adjustment will be fairly slow and orderly, and that it may not begin for quite some time,
actual along certain chance date decline economy escape excellent fact knows whether
No one knows for certain whether the economy can escape an actual decline in real GDP, but the fact that we have done so to date and that many adjustments are now well along suggests that we have an excellent chance of doing so,
current developed economists formal likely monetary operating properties rule
Monetary economists have not yet developed a formal rule that is likely to have better operating properties than the Fed's current practice,
build sure
We want to make sure that we don't have expectations build of a longer-run problem,