That could be bullish for the stock market if the household sector concludes that real estate is not the place for speculative gains any more.
Their systems could be so disrupted that they can't go on with business. They can't export, they can't import. It's hard to place a phone call into Brazil. It's hard to get the parts from Taiwan. All that could add up to a global recession that could still impact our economy.
The reality is that the economy is in great shape. It's created lots of good jobs?not bad jobs. We haven't created a whole bunch of hamburger flipping jobs.
The average American's real income and consumption is the highest it's ever been.
It's going to be very hard to find anybody on Wall Street who can complain about Bill Clinton with the kind of performance we've had in the stock market.
The economy's doing well, [and] Bill Clinton's in the White House. Hence, it follows that the administration must be good for the economy. But thinking back, I think the administration promoted all sorts of policies that if they were actually allowed to implement them, they probably would have screwed up the economy big time.
We have two surprises in our economy: better-than-expected growth and lower-than-expected inflation, and the growth is based on productivity, ... People are working harder. They're generating more products efficiently at lower prices.
I'm actually very pleased to see they decided not to raise rates because it's really not justified by the performance of this economy.
Now, I think you have to add an entire percentage point.
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