Here is Mish in 2015:
"Effectively we have borrowed current growth from the future. Looking ahead, growth surprises will be predominantly on the downside for years to come."
Here is Ambrose in 2010:
"Debt draws forward prosperity, which leads to powerful overhang effects that are not properly incorporated into Fed models. That is the key reason why Ben Bernanke’s Fed was caught flat-footed when the crisis hit, and kept misjudging it until the events started to spin out of control."
