Just in case there was a doubt, Robert Scheer connects the dots in his column 'How about tough love for the bankers?' [http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/16/EDEP11PPMN.DTL&hw=scheer&sn=002&sc=571]
Phil Gramm advises McCain on economic policy. Phil Gramm was the moving force behind the banking deregulation that gave us the housing melt down and the Enron debacle, so far.
With McCain in the Oval Office, we will see more Enron's and Indy Mac's.
BTW: recent reports suggest that more than 100 US banks are in trouble. As economists know, the banking system is a critical part of the domestic money supply and, by implication, the entire US and world economy.
It is time for the FED to get off its chair and act to secure our money supply from stupid and or crooked bankers.
It is in our national interest.
Thursday, July 17, 2008
Wednesday, July 16, 2008
Oil Shock Inflation
Seems what we have is a classic cost-push inflation.
Trouble is that monetary policy does not work well to contain cost-push inflation.
Resolution is simple: the FED should let the oil shock work through the economy and not raise interest rates to control price increases.
Seems to me that the Fed is a tad overly concerned about inflation and a great deal under concerned about jobs. A little inflation can result in more jobs.
C'mon Ben, give us some jobs. Prices are going up anyway; at least with a job we can buy food.
Trouble is that monetary policy does not work well to contain cost-push inflation.
Resolution is simple: the FED should let the oil shock work through the economy and not raise interest rates to control price increases.
Seems to me that the Fed is a tad overly concerned about inflation and a great deal under concerned about jobs. A little inflation can result in more jobs.
C'mon Ben, give us some jobs. Prices are going up anyway; at least with a job we can buy food.
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