The Gses Are Adequately Capitalized. They Are

The More Important Reason Is That The Research Itself Provides An Important Long-run Perspective On The Issues That We Face On A Day-to-day Basis.

Over The Years, The U.s. Economy Has Shown A Remarkable Ability To Absorb Shocks Of All Kinds, To Recover, And To Continue To Grow. Flexible And Efficient Markets For Labor And Capital, An Entrepreneurial Tradition, And A General Willingness To Tolerate And Even Embrace Technological And Economic Change All Contribute To This Resiliency.

Indeed, In General, Healthy Investment Returns Cannot Be Sustained In A Weak Economy, And Of Course It Is Difficult To Save For Retirement Or Other Goals Without The Income From A Job.

The Benefit Of Appointing A Hawkish Central Banker Is The Increased Inflation-fighting Credibility That Such An Appointment Brings.

If You Are Asking Me If I Would Advocate That The Chinese Go To Greater Flexibility In Their Exchange Rate, I Certainly Would.