Michael Feroli of JPMorgan Chase proposes outright purchases of mortgage backed securities—another faint echo of Japan.

摩根大通经济学家麦克尔·弗洛里则建议将房贷证券全部买进——而这又类似当初日本应对经济危机的手段。

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Michael Feroli of JPMorgan Chase reckons the spending caps will subtract 0.3 percentage points from growth in 2012 (see chart 3).

摩根大通的迈克尔•费罗利预计，因为开支上限，2012的GDP增长将受损0.3个百分点(见图表3)。

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Even so, Michael Feroli, an economist at JPMorgan Chase, says that Okun’s Law would have predicted an unemployment rate of just 8.6% during the second quarter, whereas it actually averaged 9.3%.

即便如此，摩根大通的经济学家迈克尔•范若利指出，按照奥肯定理，失业率在第二季度仅为8.6%，然而实际上平均失业率达到了9.3%。

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"In the short run, desirable land gets constrained when you're in an up cycle, " says Michael Feroli, an economist with J.

WSJ: Home Builders Need More Land | The Outlook

And, as Michael Feroli of JPMorgan points out, the affordability gauge depends on what measure of home prices you look at.

ECONOMIST: The house-price bust has a long way to go

If the plan fails to pass, the Fed could conceivably create one itself for mortgage assets, argues Michael Feroli, economist at JPMorgan Chase.

ECONOMIST: The Federal Reserve