Up until 2000, households in the post-War period had never experienced a decline in their net worth on a year-end to year-end basis, ... But they did in 2000, they did in 2001, and they're on course for it again in 2002.
More Quotes from Paul Kasriel:
This reflects the low interest rates we saw earlier in the summer. While I wouldn't say that a major contraction is imminent yet, I suspect this is close to being the last hurrah.Paul Kasriel
The yield curve has been one of the more reliable indicators of turning points, not necessarily recessions, but slowdowns in the economy.
Paul Kasriel
If the Fed pauses here, rates will come down, the house ATM machine will get filled up again, and we can all go back and do more refinancing. But if they keep going, like some people believe they will, then we will have a recession in the second half of 2005.
Paul Kasriel
We're a what's-my-monthly-payment nation. The idea is to have my monthly payments as high as I can take. If you cut interest rates, I'll get a bigger car.
Paul Kasriel
I think it's a big deal -- I think it'll be ultimately a deal we don't care for.
Paul Kasriel
It seems that what it allows you to do is ... stay in business with somewhat of an unfair advantage over your competitors, who still do have to pay their debts and pay interest on those debts.
Paul Kasriel
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