Dear Ben, it’s me again, just wanted to check in before your testimony today on the economy in front of Congress. The economy is recovering. You see the ISM data lately, the bounce in retail sales, the earnings releases from CSX, INTC and JPM, the JoC index of industrial material prices that is just 8.5% from an all time record high, and the S&P 500 which is back to 1200, up 80% from its low in March ’09. Why do you still have rates at zero? Is it because you’re worried that the banking system is still clogged with bad debt, you’re still concerned about housing and fear higher mortgage rates, the US consumer still is worried (ABC poll last night fell 4 pts to 5 week low), job growth is still punk, small businesses still see economic headwinds, capacity utilization is well below average and core CPI is still low, 2 data points you love to watch? Tell us today. Rates too low for too long caused the bubble, do we still need free money?
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