Goolsbee: Economic growth not as great as it looks [CNNMoney.com]
The Bank of New York Mellon Corporation (BK)
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Source: CNNMoney.com
Economic growth not as great as it looks, says former Obama economist Austan GoolsbeeFormer President Barack Obama's chief economic adviser Austan Goolsbee thinks that economic growth is "okay, but not as good as the optimists believe."Goolsbee spoke with Richard Quest on CNNMoney's "Markets Now" Wednesday.Since he believes growth is fragile, he suggested that the Federal Reserve should not raise rates too quickly.Recent market volatility, he said, might indicate that the "Fed is moving too quickly.""There is the possibility that the economy cannot stand too many rate increases in too short of a time," he said. "That would be the thing that leads to a recession.""If the Fed were not changing anything, there would be very little risk of a recession in the near term," he added.Now a professor of economics at the University of Chicago's Booth School of Business, Goolsbee was the youngest member of the Obama cabinet. He also serves on the Economic Advisory Panel to the Federal Reserve Ban
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