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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: pogohere who wrote (8551)	12/12/2007 11:13:08 AM
From: John Pitera	Respond to of 33421

I agree. I don't like or trust Bloomberg. You have nailed him right at the vortex of the central inaccuracy of his insights. One of the first acts of the US Congress under the new constitution was the enactment of tariffs to protect domestic industries. Until the early 20th century there were no income taxes, "Yankee ingenuity" run wild and tremendous growth accompanied by attempts by foreign and domestic bankers to privatize the money franchise. They even went so far as to shrink liquidity to get their way. That's what happened in 1907 that was used to hoodwink the Congress and Pres. Wilson into creating the Federal Reserve in 1913. Absolutely correct. I am currently reading Ron Chernow's most excellent biography of Alexander Hamilton, who authored most of the Federalist Papers, the Intellectual Underpinning and primary source of Interpretation of the US Constitution. And of course he created the Treasury Department, got the Government Debt Market functioning and created the blue prints for both the retirement of Revolutionary War time Debt Obligations; as well as creating the tariff based revenue system that funded our Country until 1913. James Madison wrote quite a few of the Federalist Papers as well as John Jay, the first Chief Justice of the Supreme Court. Jay would have evidentally participated in authoring more of the Papers but became ill and that limited his output. Just as all fiat currencies are not the same, all tariff regimes are not the same. A blanket endorsement of globalisation such as that of Bloomberg is mindless and ahistoric. When you are right you are right. To bad we can not toss Bloomberg out of public office, As a native New Yorker, I have to confess that we have had more Political Malfeasance, and Political Hucksterism occurring from our New York Pols going all the way back to Gov. George Clinton in the 1780's -90's. which brings to mind another similarly named personage who had enough hubris to give the largest company in her state $1,000 dollars and have the company send her back a six-fold plus return of $80,000, upon successfully herding the profitable heffer trades (futures) to her account. Your Herding the Heffer trade, Observer John