CNBC Video: Solid discussion with former Federal Reserve Governor Frederic Mishkin and Byron Wein from this morning's Squawk Box. The clip improves after the 3-minute mark.
- "We're going to have a tremendous amount of slack in the economy for quite a number of years. If there's still a lot of slack there's no reason to raise rates. In fact, it would be a big mistake."
On Japan's error:
- "They were so anxious to normalize and get rates positive that they raised them in early 2000 and it was a huge mistake and actually led to continuing deflation in Japan. The Federal Reserve is not going to make that kind of mistake."
On the Federal Reserve's balance sheet:
- "That's very dangerous and is NOT the appropriate thing for the Fed to do in the long run."
- "The need to get rid of their $1.25 trillion in MBS securities."
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