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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (34096)	10/17/1998 12:39:00 PM
From: Merritt	Read Replies (1) \| Respond to of 132070

MB: < As the saying goes, when you shake hands with a Republican, keep your eye on your wristwatch. <G> > I thought the saying was: don't give a lawyer the time of day, or they'll sue you for the watch.<G> (That's a sick grin, having prevailed in an expensive boundary dispute suit brought against me by an ex-neighbor (lawyer).) As for blame, I guess there's enough to cover just about all the politicians with merde...it just never seems to stick, must be all that wallowing in pork.<G> Best, Merritt

To: Knighty Tin who wrote (34096)	10/19/1998 10:57:00 AM
From: HB	Read Replies (2) \| Respond to of 132070

Mike & Merritt... I think Nixon was goosing the economy to get reelected in 72 (he was running scared of McGovern :-)), possibly with some fed assistance, and that helped fuel inflation, although Vietnam was still certainly a major, lingering influence (people involved with the fed at the time say Johnson was hiding expenditures from them, I believe). Economic policies have substantial lag times before their effects are felt, which is one thing that helps them get out of kilter, and makes it hard to correctly apportion blame and credit, though. This time, I think there's a serious problem from the seeming inability of major countries like Japan and the US to use fiscal policy against recession. If monetary policy is going to be the sole weapon against a contractionary shock (and Greenspan is showing he is using it), the results will be, IMHO, more inflationary and than if fiscal policy were used as well. Japan may be getting around to it, but the US seems fairly resistant. I think a return to higher (moderate) inflation (perhaps as the US recovers from mild recession in a couple of years, though, rather than during it) is more likely than not... If not, and if we aren't willing to run more of a budget deficit at the trough of a recession, then the recession could get pretty grim. Cheers, HB