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The Unintended Consequences of Easy Money
When you evaluate a policy, it seems to me you have to look first of all at its effectiveness. And then you have to ask yourself about all of the side effects, the unintended consequences. I was worried even before the great financial crisis about the way in which easy credit was spreading over to the emerging markets. We've seen more and more incidents of what they call flash crashes since thegreat financial crisis. You know, the old phrase, they wind up beating you in the bum. There's whole piles of these things.