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Taxpayers must pay the freight for over-budget train projects
Topic - William C. Dudley
The most important president in America may not be Barack Obama, who chases golfing dreams in drought-stricken California while we pause this holiday to honor giants like Washington, Jefferson, Lincoln, Roosevelt and Reagan.
A stable dollar and prices are consistent with maximum sustainable job and wealth creation. However, the Fed's dual mandate to pursue full employment and price stability has given it license to meddle in the economy to boost short-term employment, with disastrous consequences.
William C. Dudley, Federal Reserve Bank of New York president, said the central bank likely will keep buying bonds if the economy failed to grow at the pace the Fed was expecting.
"If labor market conditions and the economy's growth momentum were to be less favorable than in the (Fed's) outlook — and this is what has happened in recent years — I would expect that the asset purchases would continue at a higher pace for longer," Mr. Dudley said at a news conference in New York.