Greenspan: Its Gen-X's fault they're out of work

[Kuros]

Alan Greenspan: It's the Gen-Xers Fault They're Out of Work

You all remember Alan Greenspan as the worst Fed Chairman in modern history, and architect of the housing bubble. Well, since then he has admitted that the core philosophy of the Chicago School concerning deregulation was dead wrong.

[ame="http://www.youtube.com/watch?v=bAH-o7oEiyY&feature=related"]Greenspan chastened[/ame]

And now he returns to chastise Gen-X!

Baby boomers are being replaced by groups of young workers who have regrettably scored rather poorly in international educational match-ups over the last two decades. The average income of U.S. households headed by 25-year-olds and younger has been declining relative to the average income of the baby boomer population. This is a reasonably good indication that the productivity of the younger part of our workforce is declining relative to the level of productivity achieved by the retiring baby boomers. This raises some major concerns about the productive skills of our future U.S. labor force.

Nevermind that 25-year-olds are not actually Gen-Xers but millenials. Nevermind that average income remains a poor stand-in for productivity (as if workers controlled their salaries, especially in an employer's market). Nevermind that the US is handicapped in international match-ups because of the vast numbers of non-native English speakers within its public schools. Nevermind that baby boomers are staying at work longer and aren't being replaced at all, and that's the crux of the problem.

Alan Greenspan will not depart from the corporate-financial elite's rhetoric, the shame of and error of his deregulatory ideology be damned.

 

[Mad Scientist]

The Gangsters confess to their crimes and then ask you; "So what are you gonna' do about it?". Looks like Americans aren't gonna' do anything.

 

[Big Fitz]

...yet.

 

[Big Fitz]

Alan Greenspan: It's the Gen-Xers Fault They're Out of Work

You all remember Alan Greenspan as the worst Fed Chairman in modern history, and architect of the housing bubble. Well, since then he has admitted that the core philosophy of the Chicago School concerning deregulation was dead wrong.

Greenspan chastened

And now he returns to chastise Gen-X!

Baby boomers are being replaced by groups of young workers who have regrettably scored rather poorly in international educational match-ups over the last two decades. The average income of U.S. households headed by 25-year-olds and younger has been declining relative to the average income of the baby boomer population. This is a reasonably good indication that the productivity of the younger part of our workforce is declining relative to the level of productivity achieved by the retiring baby boomers. This raises some major concerns about the productive skills of our future U.S. labor force.

Nevermind that 25-year-olds are not actually Gen-Xers but millenials. Nevermind that average income remains a poor stand-in for productivity (as if workers controlled their salaries, especially in an employer's market). Nevermind that the US is handicapped in international match-ups because of the vast numbers of non-native English speakers within its public schools. Nevermind that baby boomers are staying at work longer and aren't being replaced at all, and that's the crux of the problem.

Alan Greenspan will not depart from the corporate-financial elite's rhetoric, the shame of and error of his deregulatory ideology be damned.

I love it. The boomers have been involved in the rearing of two educationally 'sub standard' generations and their excuse is "not our fault they're stupid and foreigners."

But the boomers (and himself) are blameless in his eyes.

 

[Lovebears65]

Well, GreeDspan if there were jobs to be had maybe they would be working.. My 3 sons age 23, 20 and 16. Both older boys work but min wage jobs. Both go to college full time as well but they cant leave the nest until they can support their self. My youngest is serious about joining the military for 4 years then go off to college .. He is a straight A student in all advanced classes. I told him to try to get into a military college then the service. HE wants to go into the airforce.. This day in age there are A lot of adult children still living with their parents because there are NO jobs that can support them to live on their own!!

 

[editec]

We have for the last 40 or more years been systematically destroying the kind of economy that supports a middle class, Greenspan was an insturmental player in that destruction and then that wanker blames our CHILDREN?!?!

Oh, seriously, it is time for a revolution.

The only problem is that the revolution will solve nothing since there is no way in hell that the bastards are going to go up against the wall.

If anything we'd find ourselves in a civil war where one set of victims is set against the other set of victims and both sets of dupes would be lead by the very same bastards that got us into this fix in the first place.

 

[Big Fitz]

We have for the last 40 or more years been systematically destroying the kind of economy that supports a middle class, Greenspan was an insturmental player in that destruction and then that wanker blames our CHILDREN?!?!

Oh, seriously, it is time for a revolution.

The only problem is that the revolution will solve nothing since there is no way in hell that the bastards are going to go up against the wall.

If anything we'd find ourselves in a civil war where one set of victims is set against the other set of victims and both sets of dupes would be lead by the very same bastards that got us into this fix in the first place.

If we go the way of the Wiemar Republic, you shouldn't think civil war like we had 150 years ago... you should think more like French Revolution. THEN those parties got the chop, but real monsters like Robespierre and Napoleon got the power.

That is what you should be afraid of.

 

[iamwhatiseem]

Alan Greenspan will go down in history as the architect of the near downfall of America.
It was Alan Greenspan that said:

"Excess debt is good when looking long term"

"I don't know where the stock market is going, but I will that if it continues higher, this will do more to stimulate the economy than anything we've been talking about today or anything anybody else is talking about."

"I believe that the general growth has occurred due to an underlying structure of markets that are dramatically, or should I say fully hedged" (2000)

"Improvements in lending practices driven by information technology has enabled lenders to reach out to households with previously unrecognized borrowing capacities." ----- This quote is perhaps the single most DAMNING statement by Greenspan in is entire career. And is THE key reason for the mortgage bubble.

 

[waltky]

Goin' to college ain't what its cracked up to be...

The higher education bubble has popped
August 10, 2011 - Traditionally, Americans have firmly believed in two core investments: college and home ownership. Then the housing bubble popped. Is education next?

A college degree once looked to be the path to prosperity. In an article for TechCrunch, Sarah Lacy writes, "Like the housing bubble, the education bubble is about security and insurance against the future. Both whisper a seductive promise into the ears of worried Americans: Do this and you will be safe." But the jobs that made higher education pay off during the inflationary boom, kicked into high gear by Nixon waving goodbye to the last shreds of a gold standard, came primarily from government and finance. In 1990, 6.4 million people worked for federal, state, and local governments. By 2010, that number had grown almost 6 times — to 38.3 million — with many of these jobs being white-collar.

In 1990, the financial sector was less than 7.5 percent of the S&P 500. By 2006, this sector had grown to 22.3 percent of the S&P, and that year the financial sector constituted 45 percent of the index's earnings. "Prices and wage rates boom," writes Mises. Everybody feels happy and is convinced that now finally mankind has overcome forever the gloomy state of scarcity and reached everlasting prosperity. In fact, all this amazing wealth is fragile, a castle built on sands of illusion. It cannot last. There is no means to substitute banknotes and deposits for nonexistent capital goods.

Times have changed. Last week, HSBC Holding Plc announced plans to eliminate 30,000 jobs worldwide by the end of 2013. The job cuts will affect "support staff where we believe we have created an unnecessary bureaucracy in this firm over a number of years," HSBC chief executive officer Stuart Gulliver said. Goldman Sachs plans to cut 1,000 positions. Bank of America is laying off 1,500 employees and closing 600 retail branches. At the same time that banks are trimming their fat, according to a Labor Department report released earlier this month, from May 2010 to May 2011 local governments shed 267,000 jobs and state governments 24,000. Local government employment in May, at 14.165 million jobs, was the lowest since July 2006.

An increase in the amount of real savings, which induces a fall in the interest rate and a lengthening of the production schedule, increases an economy's productive capacity, creating genuine growth brought about by the investment in higher-order goods such as factories and other production assets. Conversely, easy, cheap credit fools entrepreneurs into believing that society's collective time preference has fallen, enticing them into investing in higher-order goods, such as land, factories, and the like — when in fact the collective time preference hasn't changed, and the demand for higher-order goods is merely a mirage. The result is booms and busts rather than genuine growth.

MORE

 

[william the wie]

Just an observation about the competence of journalists and economists. The youngest boomers will turn 47 by the end of this year. The people born 1965-81-84 (there is some debate about the endpoint) are gen-X. 25 years ago was 1986, Gen-Y or Millenials, the people being referenced are only Gen-X by people who don't bother to check their facts.

 

[ShackledNation]

So before considering that the almighty government is creating a bad work environment, greenspan automatically assumes young people must just be stupid.

What an idiot.

 

[Toro]

Alan Greenspan: It's the Gen-Xers Fault They're Out of Work

You all remember Alan Greenspan as the worst Fed Chairman in modern history, and architect of the housing bubble. Well, since then he has admitted that the core philosophy of the Chicago School concerning deregulation was dead wrong.

Greenspan chastened

And now he returns to chastise Gen-X!

Baby boomers are being replaced by groups of young workers who have regrettably scored rather poorly in international educational match-ups over the last two decades. The average income of U.S. households headed by 25-year-olds and younger has been declining relative to the average income of the baby boomer population. This is a reasonably good indication that the productivity of the younger part of our workforce is declining relative to the level of productivity achieved by the retiring baby boomers. This raises some major concerns about the productive skills of our future U.S. labor force.

Nevermind that 25-year-olds are not actually Gen-Xers but millenials. Nevermind that average income remains a poor stand-in for productivity (as if workers controlled their salaries, especially in an employer's market). Nevermind that the US is handicapped in international match-ups because of the vast numbers of non-native English speakers within its public schools. Nevermind that baby boomers are staying at work longer and aren't being replaced at all, and that's the crux of the problem.

Alan Greenspan will not depart from the corporate-financial elite's rhetoric, the shame of and error of his deregulatory ideology be damned.

Greenspan is making a false connection between productivity and income growth. In the long run, there is certainly a strong link. However, around the western world - and including many poorer countries as well - the gains to productivity over the past 10-15 years have been captured increasingly by business, i.e. by shareholders, not by labour. This indicates a structural issue, not a microeconomic one.

Also, the past decade has been marked by the collapse of not one but two enormous asset bubbles, over which he presided the creation. Incomes are always stagnant in the aftermath of asset bubble collapses as it takes time to wipe the excess capacity arising from the asset bubble.

 

[code1211]

Alan Greenspan will go down in history as the architect of the near downfall of America.
It was Alan Greenspan that said:

"Excess debt is good when looking long term"

"I don't know where the stock market is going, but I will that if it continues higher, this will do more to stimulate the economy than anything we've been talking about today or anything anybody else is talking about."

"I believe that the general growth has occurred due to an underlying structure of markets that are dramatically, or should I say fully hedged" (2000)

"Improvements in lending practices driven by information technology has enabled lenders to reach out to households with previously unrecognized borrowing capacities." ----- This quote is perhaps the single most DAMNING statement by Greenspan in is entire career. And is THE key reason for the mortgage bubble.

Plucking the quotes from the diatribes by Greenspan gives the illusion that he said something. Listening to his entire addresses leaves one in a postion not unlike one who tries to decipher Nostradomus. It could mean anything and did mean everything.

He was the master at saying everything and committing to nothing.

One might say he was an economist if one were feeling particularly harsh.

 

[code1211]

So before considering that the almighty government is creating a bad work environment, greenspan automatically assumes young people must just be stupid.

What an idiot.

There are quotes from ancient Greece bemoaing the bleak future due to the weakness, laziness and stupidity of the young.

As a race, we have always been and will always be of this mind set.

 

[Douger]

Alan Greenspan will go down in history as the architect of the near downfall of America.
It was Alan Greenspan that said:

"Excess debt is good when looking long term"

"I don't know where the stock market is going, but I will that if it continues higher, this will do more to stimulate the economy than anything we've been talking about today or anything anybody else is talking about."

"I believe that the general growth has occurred due to an underlying structure of markets that are dramatically, or should I say fully hedged" (2000)

"Improvements in lending practices driven by information technology has enabled lenders to reach out to households with previously unrecognized borrowing capacities." ----- This quote is perhaps the single most DAMNING statement by Greenspan in is entire career. And is THE key reason for the mortgage bubble.

The queen was so proud of him in assisting the takeover she knighted him !
You lost that war too. The war of Independence.Cancel July 4. The queen and her satanic banker families own your asses.

 

[Sallow]

Greenspan was of the Milton Friedman school of economics and a real live friend of Ayn Rand (The two might have been closer then reported). His low tax, lax regulations and laissez faire schemes blew up in his face. My fave is when he looked like a deer caught in the headlights about it and said he didn't realize that the captains of industry were so greedy.



Oh gosh.

Other then that..lots of people got obscenely rich under his watch. No Conservative should be complaining about this Conservative Hero!

 

[editec]

The real people that need to be blamed for ANYONE out of work is liberals.

Like Greenspan, darling of the supply side policies, banking deregulation and long time devotee of Ayn Rand?

Is that what YOU CALL a liberal, then?

If that's what YOU CALL a liberal, then I agree with you. Liberals are jerks.

I call those people neo-cons, but as long we both know who we're talking about it doesn't matter what we call them.

 

[ShackledNation]

Greenspan was of the Milton Friedman school of economics and a real live friend of Ayn Rand (The two might have been closer then reported). His low tax, lax regulations and laissez faire schemes blew up in his face. My fave is when he looked like a deer caught in the headlights about it and said he didn't realize that the captains of industry were so greedy.



Oh gosh.

Other then that..lots of people got obscenely rich under his watch. No Conservative should be complaining about this Conservative Hero!

First of all, Greenspan was the chairman of the Federal Reserve. The Federal Reserve has absolutely nothing to do with taxes and regulations. So either you honestly don't know that, or you are purposefully being dishonest.

Second, Greenspan was at one point a free market supporter, yes. But once he came to power he did a complete about face. All he ever cared about was pursuing his own career. He had no principles. He went wherever he thought the tide was going. Ayn Rand even asked herself if he was just "a social climber." Many say Greenspan probably never had a grasp of what Rand was saying and his comments were simply platitudes, just like all other politicians.

Greenspan pursued inflationary monetary policy throughout his reign as Federal Reserve chairman. He followed Keynes demand for easy money and credit by the book. He inflated bubbles in the economy, creating economic disaster.

No, Keynes was no supporter of the free market and laissez faire. The fact he headed the most regulatory institution in the United States alone makes such a statement impossible. What blew up in his face was his interventionist monetary policy of inflation and cheap credit.

I am disappointed, Sallow, in what is either deliberate deception on your part or sheer ignorance.