John At The Center

Siegel:
You have to keep the reserves on the books or there will be inflation.
We do have capacity to borrow, although we don’t like to see more borrowing.
We don’t have a high national debt to GDP ratio.

Shiller:
I wouldn’t call it a Treasury bubble.
I am thankful that we have a Fed that is experimenting.
We are not alarmed by the lending that the Fed is doing.
Overshooting to the downside is a big risk. So even fair market value is not safe.