The Fed Is Not Aging Early Enough to Deal With Market Distortion

markets have been and remain highly distorted by incredible injections of liquidity. You've got to respect the fact that you are in a market place with some one who will buy regardless of what the valuation is. I don't know a single person that says the housing market has a problem. My worry is that we may end up and saying, this is the base line. We could also have a marked tightening of financial conditions. And we could also have business investment coming down at the same time. So if wee not care for the risk scenario is that the policy mistake results in so many oftightening that rand up in recession.