One of my only regrets about coming to the Fed is my timing. I wish I had had the good fortune to arrive a few years earlier, so I could have had the privilege of being Don’s colleague, and of learning from him. Now I can only do so indirectly.
Accumulated home equity is not itself a liquid asset. In addition, its value is somewhat uncertain: Although general trends in real estate prices can be easily observed, nobody receives a statement in the mail saying how much his or her home is worth, and nobody can look up the value of his or her home in the newspaper.