American Consumers Might Benefit If Lenders Provided

If We Allow Terrorism To Undermine Our Freedom Of Action, We Could Reverse At Least Part Of The Palpable Gains Achieved By Postwar Globalization. It Is Incumbent Upon Us Not To Allow That To Happen.

We Cannot Rule Out A Situation In Which A Preemptive Policy Tightening Becomes Necessary, ... Such Caution Seems Especially Warranted With Regard To The Sharp Rise In Equity Prices During The Past Two Years. These Gains Have Obviously Raised Questions Of Sustainability.

I Have One Other Issue I'd Like To Throw On The Table. I Hesitate To Do It, But Let Me Tell You Some Of The Issues That Are Involved Here. If We Are Dealing With Psychology, Then The Thermometers One Uses To Measure It Have An Effect. I Was Raising The Question On The Side With Governor Mullins Of What Would Happen If The Treasury Sold A Little Gold In This Market. There's An Interesting Question Here Because If The Gold Price Broke In That Context, The Thermometer Would Not Be Just A Measuring Tool. It Would Basically Affect The Underlying Psychology.

The Recent Evidence Increasingly Suggests That An Economic Expansion Is Already Well Under Way, Although An Array Of Influences Unique To This Business Cycle Seems Likely To Moderate Its Speed.

We Need, In Effect, To Make The Phantom 'lock-boxes' Around The Trust Fund Real.