Jeffrey Frankel Quotations
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Asking Quotes
He is asking kind of rhetorically when we will know when the stock markets or other markets are subject to irrational exuberance. Now, everyone pretty quickly figured out, or assumed that he was really talking about the US and I think he was concerned that the stock market was getting too high and in retrospect that was only the very beginning of the bubble.
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Against Quotes
It's true that many of us have been concerned that foreigners will grow tired of financing these ever larger trade deficits, and so far there hasn't been much sign of that. But there are plenty of reasons to be concerned. We know (the trade deficit) means we're borrowing against the future, and that our children will have lower standards of living than they would otherwise. And just because a 'hard landing' hasn't happened yet doesn't mean it won't.