Peter Schiff Challenges Alan Greenspan

[georgephillip]

occurred in 2007, waking Sir Alan in a cold sweat at the possibility that the period of "disinflationary pressures" that had stifled inflation since the '90s was ending.

As Greenspan details in his book The Age of Turbulence it was the shrinking global glut of unemployed workers, particularly in rural China, that made Alan tremble. "Too many" of the poorest of the poor were finding jobs, and thereby exerting upward pressure on wages world wide.

"Is there something wrong with this picture, that one of the world's most powerful economic decision makers (at the time), dreads the decline of mass unemployment and rising wages among people making 80 cents an hour?

"What, then, is the purpose of economic development, if not to raise the living standards for poor people?"

 

[antagon]

didnt check out that link, but to answer the question in the title, US economic development is to raise the standard of living for the US, and by extension, any of our loyal dollar-buying customers.

 

[georgephillip]

didnt check out that link, but to answer the question in the title, US economic development is to raise the standard of living for the US, and by extension, any of our loyal dollar-buying customers.

It seems to me there are many different standards of living in the US today.

Those differences were obvious before the latest crisis hit; however, looking back at the first full year of our Great Recession while workers lost an average of 25% off their 401k the wealth of the richest 400 Americans increased by $30 billion.

This brought the total combined wealth of the select 400 to $1.57 trillion, more than the combined wealth of 50% of the US population.

400 people have more wealth than 155 million people combined.

Somehow I don't think Greenspan lost any sleep over that.

 

[georgephillip]

didnt check out that link, but to answer the question in the title, US economic development is to raise the standard of living for the US, and by extension, any of our loyal dollar-buying customers.

It seems to me there are many different standards of living in the US today.

Those differences were obvious before the latest crisis hit; however, looking back at the first full year of our Great Recession while workers lost an average of 25% off their 401k the wealth of the richest 400 Americans increased by $30 billion.

This brought the total combined wealth of the select 400 to $1.57 trillion, more than the combined wealth of 50% of the US population.

400 people have more wealth than 155 million people combined.

Somehow I don't think Greenspan lost any sleep over that.

 

[antagon]

i doubt greenspan lost sleep over the winners in the turn-down either.

crazy link. did you read all of that? not really my cuppa to ponder outside my own prosperity to that degree

 

[georgephillip]

i doubt greenspan lost sleep over the winners in the turn-down either.

crazy link. did you read all of that? not really my cuppa to ponder outside my own prosperity to that degree

Do you think Noam Chomsky's correct in this assessment?

"The war against working people should be understood to be a real war...Specifically in the US, which happens to have a highly class conscious business class...And they have long seen themselves as fighting a bitter class war, except they don't want anybody else to know about it."

 

[Neubarth]

Somehow I don't think Greenspan lost any sleep over that.

There is no reason for him to lose sleep over the inequality of the classes. He did not set up the class structure and is not in a position to do anything about it other than trying to avoid a massive economic collapse that almost always hurts the lower classes far worse than it does the rich.

 

[antagon]

i doubt greenspan lost sleep over the winners in the turn-down either.

crazy link. did you read all of that? not really my cuppa to ponder outside my own prosperity to that degree

Do you think Noam Chomsky's correct in this assessment?

"The war against working people should be understood to be a real war...Specifically in the US, which happens to have a highly class conscious business class...And they have long seen themselves as fighting a bitter class war, except they don't want anybody else to know about it."

nah. i think there's a lot of opportunity to make a killing in the US and the more who take that up, the more opportunity is created. i dont think folks living the yachts and pina coladas lifestyle are in any 'bitter class war' with working-class americans, nor the other way around.

 

[georgephillip]

Somehow I don't think Greenspan lost any sleep over that.

There is no reason for him to lose sleep over the inequality of the classes. He did not set up the class structure and is not in a position to do anything about it other than trying to avoid a massive economic collapse that almost always hurts the lower classes far worse than it does the rich.

Greenspan was the most ideological Fed chair since Marriner Eccles collaborated with FDR.

Without any public acknowledgment he enlisted himself and the awesome powers of a central bank in advancing the "reform" agenda of the Republican right.

This makes Greenspan the tip-of-the-spear for the profound financial transformations of the last generation, like the retreat of government, the rise of market ideology, and the financialization of American economic life.

"The Money Guys" gained hegemony over the "real economy" of production and work--the people and businesses who make things."

Alan missed few chances to elevate capital over labor, and his victims today are sleeping in cars and spending their days in unemployment lines.

 

[Neubarth]

To all of those people who annually decry the FED, what are the prescribed issues that you want the FED to change. Please do not say the traditionally insane things that Ron Paul says about the FED not printing any more money as the FED does not print money, the Treasury does. Don't say the FED should stop buying US Bonds and Notes to keep the price up. Letting the price go down would be disasterous and quite insane (The exact reason why I think Ron Paul should be locked up in an insane asylum.)

 

[georgephillip]

i doubt greenspan lost sleep over the winners in the turn-down either.

crazy link. did you read all of that? not really my cuppa to ponder outside my own prosperity to that degree

Do you think Noam Chomsky's correct in this assessment?

"The war against working people should be understood to be a real war...Specifically in the US, which happens to have a highly class conscious business class...And they have long seen themselves as fighting a bitter class war, except they don't want anybody else to know about it."

nah. i think there's a lot of opportunity to make a killing in the US and the more who take that up, the more opportunity is created. i dont think folks living the yachts and pina coladas lifestyle are in any 'bitter class war' with working-class americans, nor the other way around.

The US is the richest nation in history with over 50 million inhabitants needing food stamps to eat regularly.

As of February, 2010 five million US citizen had lost their homes with that number expected to rise to 13 million over the next four years.

One place American are finding homes is prison. With a prison population of 2.3 million, the "Land of the Free" has more people living behind bars than China or Russia or any other nation on the planet.

Those folks on yachts sipping their pina coladas might be unaware of the class war, but their brokers and bankers aren't.

At some point the spread between the richest 1% and the other 99% of Americans will widen into a vacuum, and who will "make a killing" from that?

 

[Neubarth]

Somehow I don't think Greenspan lost any sleep over that.

There is no reason for him to lose sleep over the inequality of the classes. He did not set up the class structure and is not in a position to do anything about it other than trying to avoid a massive economic collapse that almost always hurts the lower classes far worse than it does the rich.

Greenspan was the most ideological Fed chair since Marriner Eccles collaborated with FDR.

Without any public acknowledgment he enlisted himself and the awesome powers of a central bank in advancing the "reform" agenda of the Republican right.

This makes Greenspan the tip-of-the-spear for the profound financial transformations of the last generation, like the retreat of government, the rise of market ideology, and the financialization of American economic life.

"The Money Guys" gained hegemony over the "real economy" of production and work--the people and businesses who make things."

Alan missed few chances to elevate capital over labor, and his victims today are sleeping in cars and spending their days in unemployment lines.

EVERYTHING you post is total bullshit. Substantiate what you are posting with some actual data on FED action. All you do is make up insane lies or repeat insane lies and you have never once posted how Alan did all of the things you say he did. Obviously, you are crazy.

He does not and did not have the power you appear to think he had. He did not write or pass legislation. He did not make Supreme Court decisions. He did not declare martial law and dictate to the masses. He just raised and lowered interest rates to try to keep the economy running smoothly. In that regard, he did a pretty good job.

 

[uscitizen]

To all of those people who annually decry the FED, what are the prescribed issues that you want the FED to change. Please do not say the traditionally insane things that Ron Paul says about the FED not printing any more money as the FED does not print money, the Treasury does. Don't say the FED should stop buying US Bonds and Notes to keep the price up. Letting the price go down would be disasterous and quite insane (The exact reason why I think Ron Paul should be locked up in an insane asylum.)

Ron Paul is pretty much self incarcerated with the Republicans, not much difference from an insane asylum.

 

[uscitizen]

Do you think Noam Chomsky's correct in this assessment?

"The war against working people should be understood to be a real war...Specifically in the US, which happens to have a highly class conscious business class...And they have long seen themselves as fighting a bitter class war, except they don't want anybody else to know about it."

nah. i think there's a lot of opportunity to make a killing in the US and the more who take that up, the more opportunity is created. i dont think folks living the yachts and pina coladas lifestyle are in any 'bitter class war' with working-class americans, nor the other way around.

The US is the richest nation in history with over 50 million inhabitants needing food stamps to eat regularly.

As of February, 2010 five million US citizen had lost their homes with that number expected to rise to 13 million over the next four years.

One place American are finding homes is prison. With a prison population of 2.3 million, the "Land of the Free" has more people living behind bars than China or Russia or any other nation on the planet.

Those folks on yachts sipping their pina coladas might be unaware of the class war, but their brokers and bankers aren't.

At some point the spread between the richest 1% and the other 99% of Americans will widen into a vacuum, and who will "make a killing" from that?

And with the pirvatization of the prison industry corporations have a vested interest in getting people locked up.

 

[antagon]

nah. i think there's a lot of opportunity to make a killing in the US and the more who take that up, the more opportunity is created. i dont think folks living the yachts and pina coladas lifestyle are in any 'bitter class war' with working-class americans, nor the other way around.

The US is the richest nation in history with over 50 million inhabitants needing food stamps to eat regularly.

As of February, 2010 five million US citizen had lost their homes with that number expected to rise to 13 million over the next four years.

One place American are finding homes is prison. With a prison population of 2.3 million, the "Land of the Free" has more people living behind bars than China or Russia or any other nation on the planet.

Those folks on yachts sipping their pina coladas might be unaware of the class war, but their brokers and bankers aren't.

At some point the spread between the richest 1% and the other 99% of Americans will widen into a vacuum, and who will "make a killing" from that?

And with the pirvatization of the prison industry corporations have a vested interest in getting people locked up.

prison's the new welfare state; thats for sure.

george, have you considered that by virtue of us being a rich nation, our citizens are afforded foodstamps? by that virtue, the brokest americans are entitled to more than many people earn in other countries.

it is a tremendous luxury to own a home, unless you take our very privileged american perspective that we all could/should own one. we make that justification on the basis of credit, that rather than buying homes cash or paying substantial portions of their cost in a downpayment like much of the rest of the world, we could buy properties with low/no money down, and are entitled to take a second mortgage, etc.

now, wasnt it yacht-dude who facilitated some of that? sure, that whole scenario went overboard, and uncovered irresponsibility, corruption of government and cheating among many pina colada drinkers. notwithstanding that, doesnt a mortgage still constitute a promise to pay on terms? people arent losing their homes to a class war as much as they are to non-payment per agreement. they were fakin the funk using credit to afford them a home, among other things beyond their ability to pay.

 

[georgephillip]

To all of those people who annually decry the FED, what are the prescribed issues that you want the FED to change. Please do not say the traditionally insane things that Ron Paul says about the FED not printing any more money as the FED does not print money, the Treasury does. Don't say the FED should stop buying US Bonds and Notes to keep the price up. Letting the price go down would be disasterous and quite insane (The exact reason why I think Ron Paul should be locked up in an insane asylum.)

Why hasn't the Fed released the transcripts from its 2004 FOMC meeting?

It's troubling enough the Fed waits five years to inform taxpayers how Fed officials read and respond to economic conditions in real time, but the minutes from the bubble crucial 2004 meeting are still missing in action.

 

[georgephillip]

There are many devils lurking in the "baisis of credit" details.

Instead of private banks earning profit on interest bearing debt instruments, the state could fund mortgages at 2% interest, with credit card interest capped at 6%.

Farid A. Kahavari who's running in the Democratic gubernatorial primary in Florida claims:

"We can pay 6% interest on savings. Using the same fractional reserve system as all banks, we can create $900 of new money for every $100 of deposits. We can loan that $900 in the form of 2% fixed rate 15 year mortgages...and the state can earn $12 every year for every $100 in deposits.

"That means Floridians can save billions of dollars per year while the state earns billions making it possible for them."

 

[Neubarth]

There are many devils lurking in the "baisis of credit" details.

Instead of private banks earning profit on interest bearing debt instruments, the state could fund mortgages at 2% interest, with credit card interest capped at 6%.

Farid A. Kahavari who's running in the Democratic gubernatorial primary in Florida claims:

"We can pay 6% interest on savings. Using the same fractional reserve system as all banks, we can create $900 of new money for every $100 of deposits. We can loan that $900 in the form of 2% fixed rate 15 year mortgages...and the state can earn $12 every year for every $100 in deposits.

"That means Floridians can save billions of dollars per year while the state earns billions making it possible for them."

Ahhhhh, yes. The insanity of the Socialist Crowd who think the STATE is the answer to all problems. It is fairly universally understood that the STATE is usually the most inefficient means of running business or government.

 

[georgephillip]

There are many devils lurking in the "baisis of credit" details.

Instead of private banks earning profit on interest bearing debt instruments, the state could fund mortgages at 2% interest, with credit card interest capped at 6%.

Farid A. Kahavari who's running in the Democratic gubernatorial primary in Florida claims:

"We can pay 6% interest on savings. Using the same fractional reserve system as all banks, we can create $900 of new money for every $100 of deposits. We can loan that $900 in the form of 2% fixed rate 15 year mortgages...and the state can earn $12 every year for every $100 in deposits.

"That means Floridians can save billions of dollars per year while the state earns billions making it possible for them."

Ahhhhh, yes. The insanity of the Socialist Crowd who think the STATE is the answer to all problems. It is fairly universally understood that the STATE is usually the most inefficient means of running business or government.

Tell that to North Dakota, one of only two states currently able to meet its budget.

In 1919 hard core conservatives in ND told Wall Street to drop dead.

It's time for the other 49 states to catch up.

 

[antagon]

north dakota? cmon man. ND has a hand full of people and supports next to no national infrastructure. they've hardly got infrastructure of their own.