That is probably because the latest news from the real economy has been surprisingly good.
None of this would matter if the stock markets were in a hermetically sealed box, labelled speculation, insulated from the real economy.
There have been mixed signals from the real economy in recent weeks, but few in the City are now predicting a dramatic downward lurch.
Clearly, investors aren't taking their cues from the real economy, at least in the UK. Nor do they seem to paying much attention to governments.
The financial sector is thus still largely disconnected from financing the real economy of producing goods and services for real live customers.
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Meanwhile, it has talked a cautious game: no firm promise that any interest rate will be cut, but the odd hint that all the options are open in monetary policy, especially when it comes to protecting the real economy from the turbulence on the markets.
It seems safe to say the support the economy has been getting from the real estate sector has gone away for at least a few months.
The boom went bust in 2008, and banks incurred huge debts from bad real estate loans while the economy slowed, the jobless rate increased, and consumer spending stalled.
And he warns that Funding for Lending is still a long way from providing real help to the economy.
There was a little help for the real economy from the European Central Bank on Thursday, and more than expected to help ease the credit crunch facing Europe's banks.
As the book winds to a close, Johnson gets at his real passion: banishing stupidity from the political economy and increasing the level of rational debate.
According to Volcker, the rationale for limiting the size of institutions arises from the vital capital intermediation and payment system functions they provide for the real economy.
Under this plan, the economy would surge from the real stimulus of added investment and jobs.
In the case of the U.S. economy now, the double-whammy of wealth shocks from the real-estate bubble and the stock-market crash has made consumers understandably cautious.
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Commercial real estate demand is derived from activity in the overall economy.
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Interviewed by Eddie Mair on The Andrew Marr Show, Johnson said the UK economy benefited from the influx of "skilled workers around the world" but this led to a "real indignation" among UK workers.
From 1930 to 2010, the U.S. economy grew at a real average annual rate of 3.5%.
With wage income up almost 3% in real terms, spending will remain firm and the economy will rebound from its third-quarter lull.
But it can't compel those southern European banks, many of which are chronically lacking in confidence, to provide additional loans into the real economy to compensate for the sucking out of credit by banks from northern Europe.
He says that if fees for wealthy buyers rise any higher, "it will put off international purchasers" and drive them to cities like New York that have just as much global cachet, an economy that has recovered faster from the downturn and lower fees for buying real estate.
The American economy has gotten a tremendous boost in recent years from the super-hot real estate market.
We cannot look back years from now and wonder why we did nothing in the face of real threats to our security and our economy.
"We cannot look back years from now and wonder why we did nothing in the face of real threats to our security and our economy, " he said.
Most of his address followed the usual lines, explaining that the economy was improving but that weak job growth and the overhang stemming from housing and real estate markets would continue to be a drag on the recovery.
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Commercial real estate lags the broader economy, so many property owners are seeing the benefits from the climb out of recession now, even with the U.S. mired in a soft patch.
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To bring the average for the 2001-2020 period up to 3%, the economy would have to expand at an average real rate of 4.65% from 2012 to 2020 (it is too late for policy changes to impact 2011).
But if real wages go down, you can't expect the elderly to be immune from all the problems facing the economy.
If we want our real economy to grow and prosper, we need to lessen the ability of hedge funds to profit from market volatility.
If the American economy had grown at the same rate from 1972 to 2010 as it did from 1948 to 1971, real 2010 GDP would be almost 50% higher today, paychecks would be 50% bigger, and we would have a balanced federal budget.
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