Skip to comments.Greenspan: Immigration reform will help U.S. economy
Posted on 05/01/2009 12:42:37 PM PDT by La Lydia
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Go f*** yourself.
“Yknow, when people say the economy, they all mean different things.
To some....its unemployment
To some....its stock market levels
To some....its low, moderate inflation
To some....its trade
To some....its corporate profits.
To some....its the trade deficit
To some....its the rate of business formation
Greenspan is in a different camp. What hes saying here, and hes right, is that it would really, really help his banker buddies, if US wages were driven much lower, and if the selective enforcement of laws, never mind the Constitution, would really really help out his pals with all the congressites they could buy off.”
BINGO, and the man in his own words to support that view:
The presumption that you could incrementally defuse a bubble was a fantasy. Clearly, you cannot defuse these things, unless you hit them right on the head and break the economy. Essentially, break the potential profitability that is engendering that sort of stuff. We could have basically clamped down on the American economy, generated a 10 percent unemployment rate. And I will guarantee we would not have had a housing boom, stock market boom or indeed a particularly good economy either.
The Federal Reserve is a Banking Cartel, it is NOT free market. /FED!
More like illegal alien eaters on paws.
Well dumba** that is the track record!!!
I’m contemptuous of this type of either-or extreme coming from one allegedly so brilliant and prescient that we trusted him with our economy et al. During this guy’s career, he became the master of convoluted conversational nuance in front of Congress, but now, in hindsight, the dynamics of the situation eluded him and could only have been addressed with either a feather duster or a sledgehammer. BS.
If the market is getting out of control, you don’t have to go on a binge of six or seven or eight rate rises until 3000 points come out of the DJIA before you let up, Fed- meeting-after-Fed meeting to quash it. Likewise, when it’s 1999 and the NAS has grown 85% in under a year or when it’s 2003-6 and the housing market has screamed 15% annualized for 4 straight years, both deltas being essentially unmatched in recorded history, IT’S A BUBBLE. When dentists and auto mechanics are quitting their jobs to become daytraders, IT’S A BUBBLE. The Euros, not they are to be emulated in particular, but they are much much more cautious wrt rate rises and drops.
In between smashing the guts out of the economy and injecting it with a near-fatal dose of methedrine has got to be some kind of middle ground of moderation. Greenspan’s theory that he knows what’s best, while insisting that none of these signs are readable in real time is a cruel joke. The Fed, for whatever good it has done in times of economic stress, has created periods of economic distress just as often, IMHO.
I maintain my view that these guys at the Fed and Tsy can talk a great and apparently wise line about what they want and what think should be done, but in the end, they have an allegiance to the banks that are the primary bond dealers and who are the biggest buyers and sellers of securities. There were plenty of people who raised the alarm about housing prices, and the transmission mechanism would have led straight to FNM/FRE had Gspan been motivated to look. He wasn’t. There are commonly available charts showing house prices going back 75 years that show a remarkably rigid relationship between incomes and home prices. And when that ratio gets out of whack, from nominally 3:1 to 10:1, it didn’t take a genius to know that things had gotten ridiculously out of control. His loyalty resided then and resides now with the bankers who had him on speed dial. I don’t have an issue with McDonalds being most concerned about their franchises and their franchisees. But whatever McD’s does, you don’t hear them expressing concern about Carl’s Jr or Burger King. Their motives are transparent.
Apparently he doesn't think so. And why are they always in service of the other side?
Jimmy Carter, Tony Bennett, even Nancy Reagan for cryin' out loud.
Rip Van Greenspan just woke up.
Somebody tell him there's no economic vitality to maintain, it all croaked.
Mostly due to whackjobs like him...but him in particular.
Right! I’m surprised this old fool has the nerve to crawl out from under is rock...he did SUCH a great job on our monetary system!
The Terry Anderson Show...
Are you stupid ??? Are you mad ???
Terry says the illegal aliens should all go home..
Agree ??? Disagree ??? On the fence ????
Call Terry LIVE 9-10 PM PST at (866) 870-57521
LIVE stream at http://krla870.townhall.com/
Didn’t I read somewhere that the majority of illegals ships the money the make HOME to family members in their home countries?!?!
STOP LISTENING TO ANDREA, ALAN!!! Sheesh!