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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (65194)	7/24/1999 6:18:00 PM
From: Freedom Fighter	Read Replies (6) \| Respond to of 132070

Mike and all, Did you happen to see Ron Paul's (congressman from Texas) questioning of 'easy Al"? I almost fell out of my seat. He has connections to the "Austrian" economists and the Libertarian party but he is a Republican. He went "off" on Al like crazy. He confronted him with all kinds of stats on the growth rate of the monetary base, money supply, credit, and foreign holdings of US treasuries under his watch. He made the distinction between monetary inflation and CPI measured inflation and how both were a problem. He talked about Greenspan's article where he said that easy money in the 20s spilled over into the stock market. He then compared it to the 90s. He talked about the rapid growth of the current account deficit and its long term implications for the dollar. He talked about how the monetary inflation of assets has caused a gigantic wealth shift to the already well off because not everyone benefits from the boom. He blamed Greenspan for creating a giant bubble that has spilled over into other parts of the world. He then (and I almost choked with laughter) asked him why in the world would he want to be reappointed to the Fed knowing all this and suggested he get out while the going was good. It was a sight to behold. Perhaps slightly unprofessional but I loved it to death. Wayne