I just ran across this quote from Richard Clarida of the Treasury Dept. "We tend to think of automatic stabilizers in textbook Keynesian terms, but a new automatic stabilizer for the United States is the interaction between long-term interest rates and mortgage refinancing."
I wonder what he will think if the bond market continues to sag. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
