Posted on 09/18/2007 4:07:57 PM PDT by GodGunsGuts
'FED' UP WITH AL
ANALYSTS DECRY 'I'M NOT TO BLAME' SPIN
By PAUL THARP
18, 2007 -- Alan Greenspan's critics are crying foul over the former Federal Reserve chairman's new spin on why the economy is hitting the skids.
In numerous interviews promoting his book "The Age of Turbulence" - for which he received an $8 million advance - Greenspan claims the White House's spending binge is largely to blame for the current credit crunch.
But some analysts and portfolio chiefs say Greenspan was the problem from the start. In fact, many market observers loudly predicted the coming mess four years ago, mostly to deaf ears.
"Greenspan's now warning about double-digit inflation, but it's because of what he did that we're even having the inflation problem," said Peter Schiff, CEO of Euro-Pacific Capital Partners...
(Excerpt) Read more at nypost.com ...
ping
1) The “economy” is no more hitting the skids than Iran is overtaking China as the #1 worldwide Superpower!!!!
2) The only question need be asked is why Andrea Mitchell thinks that now is the right time to torpedo the sitting Fed Chief....rather than waiting til next November! Does Greenspan have a terminal disease that means he won’t be around next November to act as her useful fool?
==1) The “economy” is no more hitting the skids than Iran is overtaking China as the #1 worldwide Superpower!!!!
I beg to differ, and it will be hitting the skids (in the developed world) for years to come.
Like so many in government, elected or appointed, this jasper would sell his grandmothers soul to satan for far less than $8 million.
How about a law limiting books to 5 years after their "service" ends. Unfortunately, "they" would be the people passing the law. Ain't gunna happen.
I agree with you about the economy. The weeping and wailing about the economy all started when more people filed for unemployment this past month. The RATS jumped on it with their MSM pet dogs following suit spreading DOOM and GLOOM about how bad the ecomony is. (It's Bush's fault.)
What everyone has lost sight of is that the new minimum wage went into affect and MANY employees lost their jobs. Small business owners had no choice but to lay some people off, and they went right down and applied for unemployment benefits. The RATS are directly to blame for that.That's why there were more people filing. It had NOTHING to do with the economy. I still remember that fat, drunk, murderer, Teddy Kennedy ranting and raving about how it was unfair not to give them a raise.
Unfortunately, Kennedy and the other idiots who voted to set a higher minimum wage have NEVER been a small business owner and they had/have NO clue how small businesses operate. What they didn't see coming because they are stupid is that EVERYONE wants a raise. Many companies raised their prices figuring people had more money to spend since they got raises. Grocery stores, landlords, department stores etc raised their prices < before > people even got their first check with the raise on it.
Who ultimately got hurt in the long run were the people who got laid off and the employees who got the raises. What good were the raises if everyone they wanted to help got hurt?
Retired Fed Chairmen and U.S. Presidents need to shut up and let their successors do their jobs.
That’s why we have a stock market.
You can sell, and he can buy. The wealth goes to whoever better understands the world and the economy.
“I sincerely believe the banking institutions having the issuing power of money, are more dangerous to liberty than standing armies.”
Thomas Jefferson
Most folks do not have access to the type of analytical data required nor the economies of scale needed to garner the wealth.
Actually, experience, horse sense, and a strong BS detector will garner you plenty of $$ on the stock market.
If you can recognize what should be obvious, you will do very well.
Even ole Ben Graham required more than that. In fact, he spoke out against that kind of thing.
Greenspan is with Pimco. Bond fund. he is not a disinterested party.
Here’s a paper on a program concept (now outdated), yet far beyond anything the day trade can manage with “horse sense.”
http://www.cs.ubbcluj.ro/~cgrosan/stock-chapter.pdf
Yes, you can invest that way if you like.
I will continue to invest on the basis of political and economic trends, and whether the officers of the company have a solid grasp of reality or not.
I have made plenty of money with buy-and-hold on solid companies at reasonable multiples that pay good dividends, purchased when their sector is temporarily out of favor.
I still have most of them, along with the divs.
True, but he knew what his policies would do all along IMHO. And that’s precisely why he joined PIMCO.
Small business owners had no choice but to lay some people off .
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>.
While I am not a supporter of the minimum wage, I really find it hard to believe that that tiny mandated increase (about enough additional for a forty hour week to buy lunch for four at Burger King) caused a lot of people to be laid off. It may have been used as an excuse by some.
Shhh, You will let the secret out : ) It is important to have people running around like GodGunsGuts and durasell with their messages of doom and gloom. I actually use them as contrarian investment guides, because they are almost invariably wrong.
Last year GGG and his allies were inundating us with reports of how well they were doing with gold and how important it was to invest in Gold. Well, that was the clue I needed, I went all in in the stock market and did very well. Thank you GGG.
Now I am hearing from these same people that we are facing massive inflation. And I am hearing from the other side that we are facing a liquidity crises. So the future is clear to me, Cash will be king very shortly because we are going to be entering a period of deflation.
I never mentioned inflation or deflation. All I said was a general crisis, which is a safe bet. The interest rate boost today is a short term fix to allow gubmint intervention.
I know you didn't. You aren't as good a contrarian indicator as GGG is : )
So you are saying that we are going into a general crises. What kind of crises do you think we are going into? Or are you simply afraid for our future and feel like it is time to stock up on ammo because the world is coming to an end?
Let me let you in on a little secret. When the future looks the bleakest that is the time to invest : ) For some reason it never turns out as bad as we fear it might. Funny how that works : )
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.