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bruce MN

Recent topics

The topics that seem to get the most hits are those that discuss our economic conditions. And imho there have been some good discussions.


Saw this last night on Ratigan (hosted by a substitute). Had it recorded and went back through it a few times and now again this AM. It's as a complete of a description of what got us here, presented in just a few minutes, as anyting I've seen. The guy wrote a book that I now hope to read, but I'm not sure how much more could be in it other than names and details.


Nobody..Dem or Repub... comes off all that well. No mention of GWB, so it isn't a pass the blame to the immediatey preceeding guy sort of thing. Tough on the Fed and Congress for not keeping better watch.



3 Replies
BA Deere
Honored Advisor

Re: Recent topics

Greenspan shoulda never kept interest rates so artifically low.  It was like spiking everyone`s drinks with crystal meth, this ain`t gonna end well. Here we are, the gov thinks they will  try to stay away from Qe3 and the option of lowering rates is out of the toolbox.   

bruce MN

Re: Recent topics

Glad to see somebody watched it. I was about to move it back to the top.


The interviewed author's cool composure really settles the panel down. And I don't think they are used to apolitical guests like him.


Re: Recent topics

hanks for the link.


One of the pivotal points was Greenspan's rescue of the financial system from its own folly in the 1987 crash.


Had he not shoved a measly few $billion to the CME (feels sorta quant, a few $billlion actually matter) on the morning after, sure it would have been ugly had he not but in retrospect probably would have been a good thing. We could have survived that crisis, I'm not sure we could have survived the '08 crash without some degree of intervention.


One interesting outcome of that episode was the formation of the President's Working Group on Markets (the PPT: first denied and then trumpedted by Paulson in '08 to say that the government wouldn't let markets go down) who sure seem to have had their grubby fingers in the market this AM. Moral hazard.


Those really were different times, though- Reagan seemed to be quite willing to bluff the Soviets with a robust financial sector regardless of  consequences.


Unfortunately the great and potentially lethal consequence was the formation of a religion surrounding "free" financial markets.