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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Box-By-The-Riviera™ who wrote (111630)7/8/2001 12:02:54 PM
From: mishedlo  Read Replies (2) of 436258
 
At a minimum O'Neill appears to be a misguided fool (and perhaps a liar as well if he know that second half recovery is not coming).

He also wants Europe and Japan to push on a string.
We can not get our own act together and he is blaming them while pursuing a strong $ policy. Note that a weak $ has other problems (like inflation). There are no winners here. The only way out is to keep printing money until we collapse in one huge recession next year, refusing to take our pain now. Look at Japan. They had a HUGE HUGE money surplus. Now 10 years after pushing on a string instead of letting a few banks collapse, they have a Huge Huge deficit and far lower stock prices than if thsey would have taken the punishment 10 years ago. AND they still have the original problem of overpriced assets on the books. Similar to our "goodwill" problem. Why does everyone keep pushing on strings, instead of letting the weak go under? The universal answer these days is to print more money and throw it at consumers. Trying to get businesses to expand when we have a huge OVERCAPACITY. Why can we see these things but people like Greenspan and O'Neill can not? Mish is a strong advocate of replacing Greenspan and the Fed with a computer program.

M
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