Given recent history, policymakers would be unwise merely to hope for a best-case scenario in which a strong and quick economic recovery redeems the enormous run-up in debt, leverage, and asset valuations. Instead, they should now act now to moderate the finance sector’s excessive risk-taking.
El Erian is a bit late and a mild slowdown is upon us. Janet is a little late and has not defeated the delusionals in the Swamp. The consumer already sees the gasoline price jump and is slowing purchases. There are no more checks coming.
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