tag:blogger.com,1999:blog-33399132.post2304938652234746688..comments2024-03-04T08:09:21.453-08:00Comments on Richard's Real Estate and Urban Economics Blog: It won't be consumption this timeRichard Greenhttp://www.blogger.com/profile/02161226214739034402noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-33399132.post-54617368086881164102009-11-02T11:35:32.928-08:002009-11-02T11:35:32.928-08:00the Fed interpreted its mandate as making the US t...the Fed interpreted its mandate as making the US the consumer of last resort for the entire world.pokerhttp://www.poker-attitude.comnoreply@blogger.comtag:blogger.com,1999:blog-33399132.post-83251081846900262642009-09-09T23:47:37.333-07:002009-09-09T23:47:37.333-07:0070% is not sustainable in the long run. Because t...70% is not sustainable in the long run. Because the Fed has a dual mandate, and no one else does, it was deliberately driven up to that level to compensate for too much overseas saving (China saves 50%). That is, the Fed interpreted its mandate as making the US the consumer of last resort for the entire world.<br /><br />This policy was always unsustainable in the long run. It has left US citizens with too little savings to retire on, too little small business capital formation, and too much private debt to GDP.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-33399132.post-90545608994140704322009-09-09T14:37:41.848-07:002009-09-09T14:37:41.848-07:00Certainly Americans have more purchasing power now...Certainly Americans have more purchasing power now than a year back, hopefully job losses are going to stopCosta Rica Hotelshttp://www.cccostarica.com/hotels/noreply@blogger.com