Economic Girlie-Man
/From the Motley Fool, in response to what Gov. Arnold said at the RNC last night:
Here's the exact line: "To those critics who are so pessimistic about our economy, I say: 'Don't be economic girlie-men!"'
But you know what? I'm pessimistic about the economy. I'm afraid that the Federal Reserve has backed itself into a corner. I'm afraid that lending discipline among mortgage companies has completely collapsed. I am concerned that low interest rates have been used to entice the American consumer to clean up a recession borne by an irresponsible corporate spending binge by going on one of his own. I'm afraid that the $200 billion-plus that Americans have cashed out of their houses has been spent, and the next drop in interest rates won't be concomitant with a rise in prices; rather, it will be because of a full-fledged financial emergency.