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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: smolejv@gmx.net who wrote (9844)	11/28/2002 12:46:39 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 89467

a clip from the article (gonna be fun to see) FRIENDS OF THE COURT: The venerable John K. Galbreath stands as the dominant elder statesman for the dismal science. He provides a refreshingly candid perspective toward our nation’s economists and their efforts. It is not flattering. Complexity in the monetary system, in his words, “is used to disguise truth or to evade truth, not to reveal it.” Of those who practice this craft, he claims… -- "In the status hierarchy of my profession, the Wall Street economist holds a strangely prominent role. Typically, though not always, he lacks academic standing, analytical achievement, or significant publication. Research is foreign to him; independent thought unknown." “Incurable Optimists: Wall Street economists don’t have recession in their vocabulary” by Galbreath (December 2001) www.prospect.org/webfeatures/2001/12/galbraith-j-12-10.html I offer several friends of the court, beginning with Stephen Roach of Morgan Stanley, and Jim Grant of the Grant Interest Rate Observer. Each is tremendously talented, verified by the visceral and hostile objections, disputes, and animosity generated from the financial community. I am surprised that Roach’s employment is secure at this Wall Street firm, since his consistently correct views and forecasts over the past three years must have been detrimental to their trading and investment banking business. Grant’s independence renders him a constant thorn in the sides of both the Fed Chairmen and Administration Council of Economic Advisors. Bush’s current Economic Council is perhaps the most inept in recent memory. / jim