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Politics : Ask Michael Burke

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To: Shane M who wrote (41435)	12/30/1998 9:18:00 AM
From: yard_man	Read Replies (1) of 132070

I think the federal reserve is in the pocket of big money banks and financial powers either by stupidity or more sinister reasons. It has been pure recklessness to let the money supply grow as it has been growing recently. Ultimately all the common people lose as the value of the buck will be hit. These things take time to happen -- in the interim Greenspan is a genius to many folks while he is destroying the prospects for reasonably good sustained growth 1 - 3 years out. The second surprise rate cut was made simply to bail some banks out of mis-steps with derivative positions. Instead of looking into all this crud as it was developing and preventing our banks putting the whole system in danger the Fed was an enabler -- now the idiots who speculate in this fashion think they have a blank check unless there were some private agreement to prevent it from happening again. Some people don't believe we were on the verge of a real meltdown in the financial markets -- don't you believe it. We came up to the edge and almost fell over it. What's different now? Not much. Some banks look a little better for the time being, but we still have all the same problems with us. A consumer led economy wholly dependent on ever larger bursts of credit and money creation to keep going. A good part of the rest of the world save perhaps Europe in a deep contraction. A stock market valued at more than GDP while our economy is slowing. The time for Greenspan to have acted was a couple or three years ago. Silly to just look at CPI and ignore what is happening to equities. Everybody will pay the price. You've got to understand -- I'm a real radical. I don't think some government entity unaccountable to the people ought to be able to create money on a whim. It is a license to steal -- and thievery is exactly what happened when Greenspan had the surprise cut thi year. Tell me you don't think the big banks got advance warning ...

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