An excerpt from speeches before the Texas Economic Development Council and Best Southwest Partnership
Dallas, Texas
Sept. 20, 2001

Guilt over spending is a noble impulse. We naturally feel guilty enjoying ourselves so soon after such a tragedy. But although it's a noble impulse, it reflects a misunderstanding of how the economy works. People should realize that one person's consumption is another person's production. One person's spending is another person's income—and job.

I won't say, "Go spend." That would sound crass. But I will suggest that we all try to "get back to normal." If you had been planning to buy something, buy it. If you had been planning to take a trip, take it. Our decisions in these matters affect others as well as ourselves.

About the Author McTeer is president and CEO of the Federal Reserve Bank of Dallas.