If this is accurate: "...Meanwhile, interest rates were left too low, so they will continue to fuel the rise in housing prices...." And, if this also accurate: “...The main problem arose from the disproportionate tax reductions between 2004 and 2010. As a result, a budget hole amounting to 3% of gross domestic product was created, about NIS 30 billion in tax revenues....", I would like to know what was the role of the Governor of the Bank of Israel, Stanley Fischer in this economic fiasco. Why isn't he being mentioned as a contributor to the problem, rather than a miracle worker?
- 10:33 AM
from the article: Economists: Budget lacks stimulus provisions