If Wall Street Crashes, Does Main Street

A Meritocracy Is A System In Which The People Who Are The Luckiest In Their Health And Genetic Endowment; Luckiest In Terms Of Family Support, Encouragement And, Probably, Income; Luckiest In Their Educational And Career Opportunities; And Luckiest In So Many Other Ways Difficult To Enumerate - These Are The Folks Who Reap The Largest Rewards.

Monetary Policy Is Not A Panacea.

The Sources Of Deflation Are Not A Mystery. Deflation Is In Almost All Cases A Side Effect Of A Collapse Of Aggregate Demand.. A Drop In Spending So Severe That Producers Must Cut Prices On An Ongoing Basis In Order To Find Buyers.

Achieving Price Stability Is Not Only Important In Itself, It Is Also Central To Attaining The Federal Reserve's Other Mandate Objectives Of Maximum Sustainable Employment And Moderate Long-term Interest Rates.

Both Humanity's Capacity To Innovate And The Incentives To Innovate Are Greater Today Than At Any Other Time In History.