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To: ild who wrote (231872)	3/28/2003 12:42:43 PM
From: ild	Read Replies (3) \| Respond to of 436258

Date: Fri Mar 28 2003 11:22 trotsky (polyanna central) ID#377387: Copyright © 2002 trotsky/Kitco Inc. All rights reserved one of the worst economic illiterates ever invited to publicly comment on the state of the economy is BAC's "chief economist" Mickey Levi. if the Yellowstone magma chamber were to erupt tomorrow , burying the US in 2 meters of volcanic ash, he'd tell you how consumer sentiment was certain to bounce back greatly as soon as the surviving consumers have dug themselves out. i have never heard this guy do anything than spout overoptimistic inanities informed by a religious faith in the monetary bureaucracy's power to print up prosperity and generally a Keynesian, Rudi Dornbusch - like outlook. Dornbusch if you recall was the guy who assured us in '98 that there 'will never be a recession or a bear market again, because the Fed doesn't want that to happen'. the fact that he's a professor of economics at the MIT should give everyone pause. today's economists are an army of statists lacking even the most basic understanding of how the economy actually works...but their advice guides 'economic policy' everyhwhere from the US to Japan. one would assume that Japan should by now know what that advice is worth, but judging from its continued adherence to an utterly failed set of policies that is not yet the case. Mickey Levi parroted Greenspan today, referring to the 'soft spot' the economy is thought to currently inhabit, temporarily. there's no shortage of euphemisms used to describe the ongoing collapse, so we have money supply and euphemism inflation concurrently ( this happened in the 1930's downturn too...recovery was deemed to be 'just around the corner' all the time ) . but how is that 'soft spot' even possible? wasn't the same Mickey Levi assuring us 2 years ago when the Fed began its unprecedented rate cutting spree that 'recovery was imminent'? what happened? economically literate people know of course that rate cuts cease to work their magic once the real pool of funding is stretched beyond the breaking point, i.e. beginning to shrink. but in their continued display of intellectual dishonesty the parade of statist 'chief economists' simply refuses to even attempt to explain why their predictions haven't worked out. it's amazing...wrong for years, and not even prepared to ask 'why'. not to worry though dudes and dudettes...recovery is 'right around the corner' after all. just you wait for that second half. when one day the economy begins to show signs of life once again, rest assured that the horde of statist polyannas will descend upon us to tell us how that proves they were right all along...