What happened is that initially the market breathed a sigh of relief when the storm was downgraded to a Category 4 and missed New Orleans, ... they are starting to look at the damage more seriously. We are seeing further upward pressure on oil prices. People are starting to think about the many aspects of the destruction here.
More Quotes from Ethan Harris:
We see a number of reasons for the Fed to drop its 'measured pace' language.Ethan Harris
The reason the recovery was so feeble was you still had these hangover effects from the real estate and banking sectors, ... Real estate was still reeling from excess capacity and the whole thrift industry had been decimated by bad loans.
Ethan Harris
Clearly the new focus of Fed attention is the stock market, ... The Fed is not focused on many of the indicators equity analysts emphasize. Instead, the Fed's focus is on aggregate wealth creation in the market.
Ethan Harris
The combination of still-strong growth and rising inflation has prompted a string of hawkish Fed speakers all arguing strenuously for the need to keep inflation contained,
Ethan Harris
They're adding to the intellectual firepower of the board of governors in terms of regulatory and financial markets issues, but initially they won't be important players in the monetary policy front.
Ethan Harris
At every stage in the past three years, employment has disappointed relative to overall activity. It's a chronic issue, and there's been a tendency for economists to hope this will finally be the month when improvement occurs. But I have no reason to believe it will.
Ethan Harris
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The reason we shot it was that the script was geared to Las Vegas and it was something commercial that we wanted to have in the can in case Butterfly was a success and we needed a follow-up.
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How did we win the election in the year 2000? We talked about a humble foreign policy: No nation-building; don't police the world. That's conservative, it's Republican, it's pro-American - it follows the founding fathers. And, besides, it follows the Constitution.
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