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  "documentTitle": "AerCap Holdings (AER)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2015-04-07 00:00:00",
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  "notes": "The slide uses a quote to support an economic argument about the contractionary effects of low interest rates.",
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      "text": "Low interest rates make workers save more, as they can't anticipate earning safe income on savings.",
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      "text": "Low interest rates make workers save more, as they can't anticipate earning safe income on savings. They also make retirees spend less, as they have less current and future income and need to stretch savings over their remaining lives. Both dynamics create less spending and a slower recovery.",
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      "text": "Think of the soon-to-retire office worker. She saved because she wanted enough money to retire. Given the terrible returns on savings ... the prospect of continuing low interest rates might make her put even more money aside.",
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      "text": "\"Think of the soon-to-retire office worker. She saved because she wanted enough money to retire. Given the terrible returns on savings ... the prospect of continuing low interest rates might make her put even more money aside. Indeed ... the existence of savers who have suffered a loss of savings and have end-of-working-life savings objectives can imply that lower real interest rates are contractionary – savers put more money aside as interest rates fall in order to meet the savings they think they will need when they retire.\" — Raghuram Rajan, Lecture delivered at the BIS on June 23, 2013",
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      "text": "Source: http://www.bis.org/events/agm2013/sp130623.htm",
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