From the Quotation of the day mailing list, 2008-01-11 (five quarters ago):
"Will housing sector problems push the economy into recession? It is too early to tell right now, but what we can do is to examine the current situation closely and try to learn from it. Perhaps 'relearn' is a better word, because the mistakes that brought us to this point have been made before. There are no new lessons here." -- William Poole, President, Federal Reserve Bank of St. Louis, in a speech delivered January 9, 2008.
[The submitter adds: it is refreshing, for a change, not to hear someone saying, "it's different this time!"]
(submitted to the mailing list by Duffy O'Craven)