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Stanford professors comment on economic instability

Congress’s Aug. 2 approval of a last-minute debt ceiling increase marked the beginning of at least a week of instability in the U.S. economy, which included Standard & Poor’s (S&P) downgrading the country’s credit rating, volatility in the stock markets and the Federal Reserve Bank’s announcement that it will maintain low federal interest rates. American economists, including those at Stanford, have a variety of theories as to how the situation came to be, as well as how it will play out.