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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: russwinter who wrote (13882)10/22/2004 4:15:40 PM
From: mishedlo  Read Replies (1) of 116555
 
Paul Kasriel really hits Greenspan in weekly commentary

.......So, in the past four years, not only has the growth in the nation’s capital stock slowed, but the growth in the truly productive part of that capital stock -- the business capital stock – has slowed even more. Fed Chairman Greenspan can crow about the continued rise in household net worth as percent of after-tax income if he wants. And, indeed, he has helped bring about an increase in household net worth through his easy money policies, first inflating the value of corporate equities, and then the value of residential real estate. But his measure of wealth is illusory. The growth in the true wealth of this nation is slowing, Chairman Greenspan, despite your best efforts to “paper” over it.

northerntrust.com
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