Why There Was Urgency

and why now it may be too late for urgency.

PLEASE READ SLOWLY AND SAVOR THE WORDS

Now, in general, a change in expectations (whether short-term or long-term) will only produce its full effect on employment over a considerable period. The change in employment due to a change in expectations will not be the same on the second day after the change as on the first, or the same on the third day as on the second, and so on, even though there be no further change in expectations.

From The General Theory of Employment Interest and Money, Chapter 5.