“I worry over the call of politicians to ‘prevent a recession’ as if interest rate cuts by the Fed and tax rebates could combat or undo the structural forces unleashed by the weakness in the banking sector,” he said.
Two general criticisms emerged. First, that the timing of the move – just a week before a regular meeting of the Federal open markets committee – suggested panic and attempted to offer too much succour to equity markets. And second, that the policy would not work.
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