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To: Knighty Tin who wrote (188540)	8/20/2002 1:01:15 AM
From: Simba	Read Replies (3) \| Respond to of 436258

KT: I agree. Paul McCulley writes well and quite clearly, it is just that he is so in love with Keynes and the political economy aspects. This is not his first article on the subject of privatizing the upside and socializing the donwside, a philosophy that I would call crony capitalism as opposed to a free market. He states that Greenspan is "hands off" during the bubble upside and "hands on" during the downside. I would say that he was quite a bit "hands on" during the upside just that his hands were on the pump blowing the bubble. Now imagine Greenspan as a plumber roto-rooting the money plumbing. I thought his hands are full on the money press. Yup, printing and plumbing <G>. All these guys have so much faith and are convinced that the FED as an institution and the fiat system/debt finance is the way to go, only the proper tuning of the engines and the levers are needed. Scaary! Regards, Simba