Maybe they didn't underestimate the consumer as much as the Federal Reserve's desire and ability to inflate stock market valuations and other asset prices.[1]

Maybe they didn't underestimate the consumer as much as the Federal Reserve's desire and ability to inflate stock market valuations and other asset prices.[1] Certainly helped Silicon Valley and the unicorns, but we will see how it plays out over the next couple years. http://globaleconomicanalysis.blogspot.com/2016/01/former-dallas-fed-governor-richard.html http://globaleconomicanalysis.blogspot.com/2016/01/former-da...