Janet L Yellen: Housing market developments and their effects on low- and moderate-income neighborhoods Speech by Mrs Janet L Yellen, Vice Chair of the Board of Governors of the Federal Reserve System, at the 2011 Federal Reserve Bank of Cleveland Policy Summit, Cleveland, Ohio, 9 June 2011.
But there cannot be much doubt either that running up debt today must diminish the scope to do so in future, and that it must also impair, at the margin, the capacity of some households to cope with adverse shocks which might come along.