Kansas City Fed President Hoenig said that the US economy is in a sustained recovery, and he repeated his call to raise the Fed funds rate to 1.00% by the end of Sep.
Hoenig warned that "monetary policy can cause asset-price bubbles and that we need to take out the excess stimulus."
He also said that the US has a "very serious fiscal situation" and that "we need to pass a law that is very firm that says you cannot spend more unless you cut something else."
- What happened to PayGo? I thought we had such a law?
- What we need is a law that our reps in D.C. OBEY THE LAW, RATHER THAN CIRCUMVENT THE LAW - RESPECT THE CONSTITUTION, RATHER THAN TREAT IT LIKE TOILET PAPER.
THE CONSTITUTION MEANS SOMETHING
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