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Excerpt from International Business Times -- "A growing number of high-profile economists, including Nouriel Roubini and former Treasury Secretary Larry Summers, have argued that inflation is too low and the labor market too weak to justify a rate hike. ... Though the effects of historically cheap credit are open to debate, some economists have cast Fed policy as an appropriate response to the recession. 'The Fed had enormous impact during the crisis,' said Schoenholtz. Though the effects of monetary policy are tough to isolate, Schoenholtz said, the Fed was 'critical in preventing a second Great Depression.'"

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