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Politics : Formerly About Advanced Micro Devices
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To: Scumbria who wrote (112568)5/24/2000 10:57:00 PM
From: tejek  Read Replies (1) of 1577548
 
I'm surprised that so many free-market types are tolerant of Greenspan's meddling.

Scumbria,

Because he has a track record....a good one at that. Seattle and a number of other areas in this country have not been in recession since 1980. The country itself has not seen a recession since 1991. The unemployment rate is the lowest its been in 30 years. Frankly I think AG is the D. Myers of the economic world.

In another post you talk about this being a global economy and moving things around. Great....if its feasible but many times its not. Its not possible to move work at the BA plant in Wichita where there is a labor shortage to Brazil where there is a surplus if there is not the facilities and skilled labor to handle it. Besides you put great store in universal human competency, I don't. I feel better knowing that there is an overseer monitoring the situation. Further I have watched AG over the past 10 years and that gives me even more comfort.

Finally one possibility is 1990's Japan if inflation is not checked. There the gov't did not move quickly enough to check the bubble that had developed in their real estate and stock markets. The country stagnated and with the help of more gov't miscues, has remained stagnated throughout the 1990's. Now I can't imagine nor do I want to imagine being in a recession for ten years.

I have great confidence that AG will manage to slow inflation without crashing the economy. He's done it before and I think he can do it again.

ted
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