A good deal of the additional growth is attributable to stronger outcomes than we had expected in the June and September quarters. The remainder is a result of upward revision to earlier data across most of the recent quarters. Consistent with this stronger than expected growth, the rate of unemployment has continued to edge down, rather than staying flat.
But if securities, really good and usually convertible, are refused by the Bank, the alarm will not abate, the other loans made will fail in obtaining their end, and the panic will become worse and worse." The key phrase in this quote is "in ordinary times".