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Danielle DiMartino Booth: A Banking Panic Makes The Fed’s Job More Difficult
Forward Guidance
What's the Effect of Bank Runs on the Economy?
When money is tight, people save more and they spend less. In a recession, that's fear feeds on itself; in a boom, the sort of desire to consume feeds on itself. Daniel: People texting me, I haven't heard from in years saying, wow, should I cancel this? Should I put that? This is highly deflationary. And we're just going to chill. Let's enjoy it for a little while and chill.
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