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

To: lurqer who wrote (9983)	12/4/2002 9:52:49 AM
From: tonka552000	Respond to of 89467

If I understand the nature of this legislation: the financial houses responsible for these excessive derivative exposures are OFF THE HOOK... while I agree with Sinclair, a derivatives meltdown is not something we really want to experience, I also believe these firms should be held accountable...if they are not -- it proves an old premise - this country is run by Wall Street and its lackeys... sad, very, very sad...

To: lurqer who wrote (9983)	12/4/2002 11:19:13 AM
From: Jim Willie CB	Read Replies (1) \| Respond to of 89467

Harvard Economist Jorgenson interviewed on CNBC today very interesting to hear a bright guy working as apologist nothing in my article was refuted, only confirmed I wont be lengthy here he said: - Fed has been successful in engineering mild volatility in the economy, with the gentle recession so far how about the volatility in the financial asset markets? jeez! their entire focus has been to restrain inflation in the product sector, and they have succeeded but at the cost of producing wild stock market actions, and destruction of various national economies like Argentina prices are now subdued, NO, they are suffocated colossal overhang in product supply and production capacity now threatens many industries, and will continue for several more quarters or years - he has great confidence in the productivity figures, as Q3 was revised upward from 4.0% to 5.1%, as intense scrutiny has been given to the Fed calculations how about the quality adjustments whereby InfoTech spending is multiplied by 15? are faster computer processors, faster disk storage retrieval, faster internet bandwidth really producing more work? 15x as much? utterly absurd !!! productivity is no more than 1.9-2.0%, end of story take out IT spending adjustments and you get 2.0% neighborhood hack statistics is better described as VOODOO - services have been a big beneficiary for productive usage of new equipment no doubt but how about India and China taking business away for 1/3-rd to 1/20-th the cost? these nations might offer better reliability than our sloppy American work I have seen it in programming, esp with Microsoft terrible level of software errors even use of the public as beta test sites these guys are inept, brilliant, misguided, and ineffective no comment from Jorgenson by the way about the StLouis Fed simulations on stress tests revealing a US-wide banking collapse might occur with 20% likelihood The Economist community is fast becoming an EDEN OF FOOLS / jim