Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: smolejv@gmx.net who wrote (49080)	4/29/2004 9:27:38 AM
From: Mary Cluney	Read Replies (2) of 74559

<<< Kicking in for Jay...>>> Thanks for the explanation (Jay I thought came up a little short). But, I still don't see the reason for Jay's attitude towards AG. Admittedly, if you put a human in the Central Bank position, you will always have weakness of human nature spill in to decision making. Milton Friedman thought the job should be handled by a computer program - but if you were to program that job, it would probably be programmed by someone just like AG (he was a computer programmer)and the program would be a clone of AG. IMO AG is as good as you can get for this job. You certainly could do a lot worse. AG understands economics (especially on a global basis) as well as any economist. He (NYU) may differ in outlook from the guys at U. Chicago or MIT, but he is not an extremist in any sense of word. I doubt there are many serious and responsible economists who would differ on how to manipulate interest rates by more than 25 to 50 basis points and within 4 or 5 months time span. That doesn't mean economists really know anything important outside of a lot of minutia - but that is what we have to work with. AG is not out to wreck the global economy.

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