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Pastimes : Discussion Thread
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To: c.hinton who wrote (1376)8/1/2008 7:01:26 PM
From: TimF  Read Replies (1) of 3816
 

the fed is no longer solely in charge of our monetary policy.

They have never had perfect control of our money supply. But their control is not massively less than it had previously been.

If China and Saudi Arabia start buying American products hand over fist, than yes the reduced supply of products, and the increased number of dollars would be inflationary, but absent sudden shifts in these buying patterns, the Fed will exercise a lot more control than they do.

also any attempt to curtail entitlements should have been done during the times of strong economic growth...

Strong or weak isn't as important as "the sooner the better".

In fact to the extent that the money goes in to securities, it would be better to do it at a time when they are relatively low, as opposed to during peaks.

IMHO to make drastic cuts now would be suicide.

Just about no one is proposing to make drastic short term cuts, in entitlements, whether times are good or bad. The idea is to contain spending growth not make an initial cut.
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