Following the back-and-forth of economists arguing these days over how smooth a recovery might be is like quoting Charles Dickens from A Tale of Two Cities:
"It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us…"
There is a sense of polarity, at least at the edges, in the world of U.S. economists when it comes to how well the Federal Reserve has guided the economy — or, depending on one's orientation, avoided getting in the way — for a soft and gentle landing.
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