The scale of the problem is such that communities must consider a variety of strategies to repurpose REO properties within the context of a comprehensive plan that addresses a variety of community needs. Only in this way will our neighborhoods be restored to health and vitality. This brings me back to Yvonne Means and her street in Cleveland.
And that’s my point: Because the Fed can pay interest on reserves, the size of its balance sheet does not, in and of itself, undercut the credibility of its commitment to keep inflation at 2 percent or a bit under.