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  "documentTitle": "AerCap Holdings (AER)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2015-04-07 00:00:00",
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  "notes": "The slide uses a humorous metaphor to critique economic policy, specifically referencing the 'Fed's Jelly Donut monetary policy'.",
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      "text": "I compared it to eating a 36th Jelly Donut.",
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      "text": "I last spoke here three years ago and talked about what I dubbed the Fed's Jelly Donut monetary policy. I observed that accommodative policy has diminishing returns that had long-since passed the point of being productive and was now actually slowing the recovery. I compared it to eating a 36th Jelly Donut.\n\nBy keeping rates too low, the Fed sought to create a stock market wealth effect. I suggested that while this would increase income inequality, the wealth effect would not likely translate to enough additional consumption to offset the even bigger drain from lost income to savers.",
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