The only thing that has kept the economy from seriously tumbling has been monetary policy vis-avis the low borrowing rates. Low interest rates have kept investment and consumer spending (from refis) afloat and made deficit spending less costly. When interest rates inevitably rise the economy is going to be in for one hell of a shock. It would be nice if the powers that be would recognize this and attempt to do something in advance. One can always dream. I know Greenspan has his worries and I wish he'd speak with a more powerful voice.
