Bob Chernow's blog

I have long followed the original thinking of Nikkol Kondratieff, a Russian economist, who was the first to base his theories on actual statistics. He saw the economy as a 55- to 60-year cycle where technology supplanted the old ways of doing things by increasing productivity and through the replacement of certain industries and ways of thinking with new industries and approaches.

The Federal Reserve has one last good arrow in its quiver.

It costs nothing. It involves little risk. It will jumpstart the economy.

The Federal Reserve can enact reasonable underwriting standards for its banks. It can also encourage reasonable underwriting standards from Fannie Mae/Freddie Mac and restart the secondary market in residential mortgages.