Economic News/Discussion

[falcon_view]

http://www.globalresearch.ca/index.p...xt=va&aid=6239

Amy Gluckman, an editor of Dollars and Sense, reported in the November/December 2006 issue: “During the Clinton administration, Greenspan was relatively ‘unembedded’—averaging only one meeting per month at the White House….

“But when George W. Bush moved into 1600 Pennsylvania Ave., Greenspan’s behavior changed. During 2001, he averaged 3.3 White House visits a month, more than triple his rate under Clinton and much more often with high-level officials like Vice President Cheney. His visits rose to 4.6 a month in 2002 and 5.7 in 2003.

“Whatever White House officials were whispering in Greenspan’s ear, it worked: Greenspan abruptly changed his tune on tax cuts, lending critical support to Bush’s massive 2001 and 2003 tax giveaways, and he loosened the reins by cutting Fed-controlled interest rates repeatedly beginning in January 2001, a gift to the Republicans in power.”

Link

WASHINGTON (MarketWatch) -- Two days of congressional testimony by Federal Reserve Chairman Ben Bernanke will be the most significant event of a busy week for economic news, which will include fresh data on inflation, housing and the manufacturing sector.


I hope the fed knows what it is doing to keep us out of a melt down of the economy. Consumers seen to be tapped out for cash and are buying on credit due to the savings rate is now nagtive for us. Dollar still sliding. China moving from buying our debt. M3 data no longer made public.

This is something everone should keep and eye on because it is going to effect all for the better or worse on the decisions you make as this plays out.

[Dutchcedar]

What's disturbing? That a president met with someone weekly rather than monthly? Oooooh, there's a headline. Heck, I'll bet Rove has him on speed dial.

How is lowering taxes a "giveaway"? Shouldn't it be the other way around, where raising taxes is a "takeaway" followed by a "giveaway"?

How is lowered interest rates a gift to Republicans, but not others? Don't we all benefit?

Richard Cook reads like a conspiracy theorist. He needs some tin foil.

Did you read his solutions? Here ya go:

These are things that monetary reformers have known about for decades. The first steps within the U.S. would be
1) a large-scale cancellation of debt
2) a guaranteed income for all at about $10,000 a year, not connected to whether a person has a job
3) an additional National Dividend, fluctuating with national productivity, that would provide every citizen with their rightful share in the benefits of our incredible producing economy
4) direct spending of money by the government for infrastructure and other necessary costs without resort to taxation or borrowing
5) creation of a new system of private lending to businesses and consumers at non-usurious rates of interest
6) re-regulation of the financial industry, including the banning of bank-created credit for speculation, such as purchase of securities on margin and for leveraging buyouts, acquisitions, mergers, hedge funds, and derivatives
7) abolishment of the Federal Reserve as a bank of issue with retention of its functions as a national financial transaction clearinghouse.

I particularly like #4 and wish we could translate it to personal spending, so we could all spend without resorting to earning or borrowing first... just spend as we please... here's your card...

[AMDScooter]

Comon Dutch... you know the drill.. if GWB meets with anyone more than twice.. including his barber.. it's a Rovian conspiracy. Meanwhile Sandy Berger is filling his socks and shortz in the national archives.. the left seems wholly unconcerned over what he's destroyed..

[falcon_view]

Good spin guys but nothing useful.

What is very disturbing is WHY did Greenspan turn? That is the piece of and only information that mainstream media did not cover. I could care less about the spin of Cook.

Scooter I love the tinfoil. I would like to have heard you thoughts on the sub-prime problem before it became a problem. I seen the sub-prime problem years ago along with the housing bubble. How about you? Would you have got out the tinfoil for me back then? 2 years ago I told a friend not to purchase the house that they ended up purchasing and don't renting out the one they were living. If they wanted a change they should sell the first and rented an apartment until this bubble pasted. Now they are underwater with both houses and higher interest charges on the second that IS becoming a problem.

Spin me on how the money supply is not going to create higher inflation and what is the M3 at present. Why did the FED quit posting M1 data??

Spin me on why China is backing off the dollar.

Why is Iran requiring Japan to pay in yen for oil? Oil has long been pegged to the dollar.

Why does the dollar keep losing ground to other currencies.

I want to hear your spin on where inflation is going to be in the next 5 years along with how the housing market, National debt, personal debt will effect the economy.

I don't intend to debate the above points but want to see if you are the one in need of the tinfoil.

Tell me now what parts of the economy are going to thrive while what others are going to take a nose dive if they do over the next 5 years.

It is alright to say you don't have a clue or give me something useful that we can hang our hat on.

[AMDScooter]

Perhaps first you can explain to us why we should be disturbed by your author's conspiracy rant. As to the rest of you "requests".. it appears to be you (and the author) trying to make everything relate to some sort of Rovian conspiracy. I have neither the time or patience to give every moonbat theory the response it deserves, perhaps someone else will take the time to enlighten you. Happy fishing.

[Nate]

*shakes head*

Sic him.

[falcon_view]

Perhaps first you can explain to us why we should be disturbed by your author's conspiracy rant. As to the rest of you "requests".. it appears to be you (and the author) trying to make everything relate to some sort of Rovian conspiracy. I have neither the time or patience to give every moonbat theory the response it deserves, perhaps someone else will take the time to enlighten you. Happy fishing.

I am NOT trying to present some kind of conspiracy. Just wanting to understand why and want the end result will be. This is what is disturbing.

You are not concerned when and why Greenspan made a 360? Enlighten us so that we may not be moonbats in the future and that we all my be on the same page as you.

[AMDScooter]

I am NOT trying to present some kind of conspiracy. Just wanting to understand why and want the end result will be. This is what is disturbing.

You are no concerned when and why Greenspan made a 360? Enlighten us so that we may not be moonbats in the future and that we all my be on the same page as you.

Yes.. you are fishing. What you ask is unknown.. if not knowing what the future holds is "disturbing"... well.. nothing I can do to ease your mind. I do not do economic forecasts any better than anyone else. I can say the economy has been booming for years now and all I have heard about from leftist types like the author is the impending doom. Wonder if he noticed where the DOW ended last week... or if he noticed the deficit shrinking ahead of schedule or bothered to see how predictions of the housing "bubble" have been floating with no merit for some time now before he penned this story? Or if that knowledge would have made any difference at all as long as there is not a Clinton in the WH.

Why should I "enlighten" you... you already seem to have all the answers spoon fed to by a single source.... and it's all bad news. Perhaps you'd should ask Richard C. Cook, Greenspan or simply remove the tinfoil and get the desited information through osmosis....

[falcon_view]

Yes.. you are fishing. What you ask is unknown.. if not knowing what the future holds is "disturbing"... well.. nothing I can do to ease your mind. I do not do economic forecasts any better than anyone else. I can say the economy has been booming for years now and all I have heard about from leftist types like the author is the impending doom. Wonder if he noticed where the DOW ended last week... or if he noticed the deficit shrinking ahead of schedule or bothered to see how predictions of the housing "bubble" have been floating with no merit for some time now before he penned this story? Or if that knowledge would have made any difference at all as long as there is not a Clinton in the WH.

Why should I "enlighten" you... you already seem to have all the answers spoon fed to by a single source.... and it's all bad news. Perhaps you'd should ask Richard C. Cook, Greenspan or simply remove the tinfoil and get the desited information through osmosis....

I am not asking Richard C. Cook about any advice. I had come across that article and had forgotten about Greenspan and his turn around.

My point IS with all that is happing around the world as pointed out about and more. THAT is what is disturbing. For those it does not disturb they have nothing to lose. What I do know is the money supply has pushed the economy/markets up to now without much inflation. If and when will inflation take a stronger hold to balance out the money supply. If the FED tightens the money supply and raises interest rates to curb inflation I see big problems. Where is the balance and does the FED know and able to keep the economy under control. Will the FED have to raise interest rates so China will keep buying our debt to off set the srinking dollar? It looks like we are dammed if we do and dammed if we don't.

Even if you have nothing to lose the decisions that have been made and will be made in the coming months will effect all good or bad on what you do today.

Call it moonbat/tinfoil if you like but that will not change the future.

[Dutchcedar]

Good spin guys but nothing useful.

Then pound sand.

I read your post then read your link then responded to them and all you can say is "spin but nothing useful?"

I asked legitimate questions that you cavalierly disregard.

Greenspan turned? How? By meeting weekly instead of monthly? Jeez.

[falcon_view]

Greenspan turned? How? By meeting weekly instead of monthly? Jeez.

Then you don't remember when Greenspan blasted the tax cuts and dropping interest rates.

Before Greenspan turned it looked as if he was steadfast on the tax cuts. Did the WH turn him???????

I do remember Warren Buffet stating that his tax rate is less then his secretary and that he didn't think that was right. If you have a problem with that you should take it up with Warren.

Most of what is in the article is a rehash/quotes of other sources except the portion THE MONETARY PRESCRIPTION that I am not in agreement with.

Just so that you and scooter know before you go off the deep end again and think/accuse me of getting my info from one source, that is not the case. I only used Cook's article to highlight Greenspan's turn around.

Do you have any other problems?? If so post them.....

[Dutchcedar]

^^^ I'm not a mind reader and can only take from what you post. If ya wanna come back later and say you only meant to agree with this snippet and that snippet, well, your point may have some merit, but your delivery sucks.

And now I've got a problem? Just another day.

Warren Buffet has a thought? So what?

Greenspan changed his thinking? So what?

But I get your point, the economy might tank someday. The sky is falling. In the meantime, all's well here.

Next time you post from one source but wanna speak from more... maybe you could clue us in, eh?

[smoked trout]

One might think the events of September 11, 2001 and the subsequent fall in the US stock market might have been a damn good reason for the Chairman of the Federal Reserve to meet with the President of the United States more often than the previous administration. And might also have been good cause for Greenspan to rethink his position on tax cuts and interest rates.

[jimzinsocal]

^^very true.

The comment in the original post about China? No matter how its spun it = investment.
I think the media makes way too much over trade deficits....and certainly misunderstands any significance.

If anything sinks the Economy? It will be negative attitudes that keep folks from spending/investing. Or perhaps overly aggressive
tax increases/corporate crucifictions etc
like the dems have in mind.
IMO

[falcon_view]

Next time you post from one source but wanna speak from more... maybe you could clue us in, eh?

How many clues do you need??

You assume too much.

I posted this and where it came from. Is there a pattern or not and did the WH have something in turning Greenspan???????????


Amy Gluckman, an editor of Dollars and Sense, reported in the November/December 2006 issue: “During the Clinton administration, Greenspan was relatively ‘unembedded’—averaging only one meeting per month at the White House….

“But when George W. Bush moved into 1600 Pennsylvania Ave., Greenspan’s behavior changed. During 2001, he averaged 3.3 White House visits a month, more than triple his rate under Clinton and much more often with high-level officials like Vice President Cheney. His visits rose to 4.6 a month in 2002 and 5.7 in 2003.