Greenspan is a very smart man, a sponge for information
he does NOT seem to know:
- US labor force extends to Mexico and perhaps beyond
- the internet has a significant if not overwhelming effect in PREVENTING inflation
... from both a standpoint of price awareness and instant re-calibration, AND a standpoint of wringing out inefficiencies from multiple supply chain middle levels
- US economy can grow faster than 3.5-4.0% without inflation
- productivity advances will be very difficult to measure as a result of all the communications and computing convergence
- wage growth is not a leading indicator, but a lagged indicator
... it does not pre-sage inflation, but rather it speaks to shared prosperity
he does know:
- pockets of weakness in US economy, e.g. housing
- a couple odd $trillion just got blown out the window from NAZ
- Y2K effect provided mitigating factors to Fed rate hikes, up to now
- Fed has already accomplished much by draining liquidity
- IPO's have dried up, corp bond offerings have dried up
- 30yr TBond yield and 10yr TNote yields are now over 6.0%
- internet nonsense.com stocks have been properly wiped out
- much of inflation reported in March owed to crude oil
- crude oil has come down 30% in price in the last few weeks
I met a really cute 30yrold green-eyed blonde with a brain, adventurous spirit & past, swimmer/skater/skydiver background, who thinks I have beautiful eyes, a nice ass, and a magnetic personality, and wants very much to see me on successive days for dates (ohhhhh, baby!!!)
just the opinion of a qauntitative jackass
cannot wait to share the Qualcomm story between high notes
/ JWCB |
