TheMReport

64 | TH E M REP O RT FINAL THOUGHTS Final Thoughts From the problems currently faced to chatter about what must be done, here is what's being said by politicians, executives, and others. "Most of the consumer debt being taken on continues to be student loans, which rose another $4.4 billion month-over-month, not seasonally- adjusted, to $780.1 billion, a new record high." — The Lindsey Group's PETER BOOCKVAR on why young first-time buyers can't contribute to the recovery. "For people, their jobs are often their identities." — Federal Reserve Chair JANET YELLEN on the psychological impact of long-term unemployment on citizens. June's U6 rate was 12.1 percent. "As I have said repeatedly, a bourbon addict doesn't go from Wild Turkey to cold turkey overnight. The punch is still 108 proof. It remains intoxicating stuff." — Dallas Federal Reserve President RICHARD FISHER, likening bond purchases by the Fed to spiking the punch bowl. "That would be like Congress threatening to lay off the entire population of Denver or Seattle or Boston." — PRESIDENT OBAMA on the possibility that a Republican- controlled Congress may choose not to replenish the Highway Trust Fund, which employs 700,000. "Notwithstanding the difficult start to the year, opinion is widespread that the economy is on solid footing." — TIMOTHY GILL, survey chair for Outlook. A majority of polled economists believes the odds of a 2014-2015 recession to be less than 10 percent. "The bank's activities contributed mightily to the financial crisis that devastated our economy in 2008." — Attorney General ERIC HOLDER comments on the reason behind the $7 billion settlement between Citi and the DOJ. "Commercial real estate, I was in Atlanta yesterday, you'd think there was a crane convention there. You go to almost every city, there are cranes everywhere." — Wells Fargo Chairman and CEO JOHN STUMPF describing his optimism for the second quarter.

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