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Obviously there is a big gap between you and the majority of the Committee.

A: I can see how it looks that way, but there is not necessarily a gap anywhere near as large as you think. There is, as always, a chance – greater than 1% — that the economy could go into a steep nose dive tomorrow.

Q: Real estate and banks were at the heart of the financial crisis. A: The crisis was remarkable in that the liquidity dried up in what were supposed to be the most liquid markets in the world.Q: Would you call it the “Great Recession,” following the “Great Moderation? I feared it would not last long enough to merit the name. The length of a business cycle is the period of time containing a single boom and contraction in sequence.Incidentally, these days we pay at least as much attention to national income as to GDP in assessing growth; in theory the two should be the same, but in practice they are not.The labor market has lagged behind, as is common, but in October the total hours worked by the labor force began to increase again, followed more recently by employment.

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