Fed’s Note to Self: Never Lower Interest Rates to 1% Again

Abstract:
Speculative swings in real estate prices, the stock market and now commodity prices have been playing havoc with the economy. The increase in the price of oil is now seriously delaying economic recovery.How do we get out of this mess? Let me make a case for a contrarian view on interest rates. This may seem like a harsh thing to say (particularly to those in construction), but the current level of interest rates is probably too low.
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