Capt: Are you posting at The Zoo under a different alias???
GREENSPAN's TOILET = US ECONOMY
by: deepsea21 04/04/01 09:27 am EDT
Msg: 227911 of 227911
He is old and anchored in ancient economic theory that dates itself to the industrial revolution. Furthermore, most of the ongoing development of his economic theory has been based on the history of an industrialized nation, not the service-oriented nation we have become.
Without a doubt, Greenspan needs to take full responsibility for both the monumental rise in the markets and the following crash of both the markets and the economy. By cutting rates to the extent he did to save the far east and Russia he served up every American home owner a record opportunity to leverage their homes to the hilt at the lowest rates in years while their home values soared (As home buyers only ask themselves if they can afford the payments, the think nothing of what they are actually paying). So... what did everybody do with those refi-proceeds? They spent spent spent and invested the remainder. Americans had more cash than they knew what to do with. Problem was.. it wasn't gonna last forever as displayed by the negetive savings rate for several years. Greenspan was hiking rates at the same time Americans were running out of cash and beginning to leverage their credit cards again. The exact time this economy would have slowed on its own. We never did see inflation because productivity was soaring and the strong dollar made overseas goods dirt cheap. Our trade deficit was to be expected as this country doesn't sell TV's and Sterios anymore... we sell tech and services.
So... He weakens the economy with his rate hikes, which causes capital to move to other
countries, which deflates the dollar's value on a world scale and guess what? Now all those cheap goods we needed from overseas to keep inflation at bay cost more and so does that OIL! That f*cking idiot did EXACTLY the opposit of what he should have done... he acted when he should have sat still and kept his mouth shut. He hiked rates in a time of rising energy costs when we are dependent on foreign supplies. He hiked at a time when we were thriving without inflation due to the cheap goods from overseas kept cheap by a strong dollar.
In short, That Idiot CAUSED the hyper-growth we entered by slashing too much, caused the recession and stagflation we are in by hiking too much, and generally sent the world's financial markets into one global cluster-f*ck by thinking a rate hikes and rate cuts take effect 2 months after they are made.
All because he is old school and thought higher rates strengthened a currency. Sh*t! The far east was offering 25% rates two years ago and the world wanted to earn 4.50% in U.S. Treasuries because our economy was safe and strong.
What an ignorant out-of-date, obsolete, old school piece of sh*t he is!
No we have economic stats falling to the lowest levels in 20 years yet the Fed Reserve Bank SH*T FOR BRAINS is trying to tell everybody things are ok and will improve in the second 1/2.
GIVE ME A F*CKING BREAK! How friggin stupid do
these a$$holes think we are? Everything is just fine? Are they nuts? We are growing at 1% now? BULLSH*T! THIS ECONOMY IS IN CONTRACTION. Greenspan's definition of a soft landing is to bring this plane in heavy with the landing gear up. What a Stupid Viagra munching, Geritol shooting, Metamucil guzzling, Epson Salt bathing, Depends undergarmet wearing, senile old f*ck of a fart he is! |
