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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who wrote (7847)2/12/2004 2:21:38 PM
From: Jim Willie CB  Read Replies (1) of 110194
 
I saw most of Greenspasm questioning today, no surprises

I found most of what he said to be like a lecture to students who were about at the sophomore level in college
Bayh was the brightest
Sarbanes questions disappointed, wringing hands over taxes versus spending

Congress has a poor self-control over spending, and has poor ability to kill programs in sunset, to end pork, or to even come close to comprehending the bankrupt future of Medicare

Congress has poor understanding of tax implications, and how one cannot stimulate a mfg base that is absent, with the pathetic lack of awareness that wages have dropped every single quarter since 2001

I still did not see Sanders, but wondered if only senators

the overarching impression I took away was that Greenspasm seems to be overly involved with Congressional budgetary issues, and too little involved in justifying...
- his negative real interest rates
- his easy money policy
- his coercion of foreign CB's to join accommodative recklessness
- his mindless acceptance of technology's benefits
- his constant interventions which now must seem normal
- his encouragement of colossal debt expansion

why do these fools admire him?
the only answer I can come with in the last few years is
THEY DONT UNDERSTAND WHAT HE DOES OR HOW HIS FAILURE PLAYS OUT

this is tragically sad
/ jim
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