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beebs
Guest
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 Posted:
Wed Nov 09, 2005 1:00 am Post subject:
What hath Greenspan Wrought? |
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Greenspan Legacy
Alan took office on August 11, 1987.
When he took charge, outstanding consumer credit
was $672.2 billion. Now it is $2,147.4 billion
Household credit market debt was $2,711.54 billion,
and now it's $10,764.54
Domestic no-financial business debt was $1,974.1 billion,
and now it's $5,269.4 billion
Interest and currency derivatives was $865 billion, and
now it's $201.413 billion. (trillion?)
M3 was $3620.160 billion, and now it's $9976.729 billion
The trade deficit was $150.7 billion, and now it's $756.8 billion.
Foreign owned US assets were $1.7 trillion, and now it's $11.5
trillion.
==
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Blash
Guest
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| Posted:
Wed Nov 09, 2005 1:00 am Post subject:
Re: What hath Greenspan Wrought? |
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in article 1131495801.279499.310080@g44g2000cwa.googlegroups.com, beebs at
beebs79@softhome.net wrote on 11/8/05 7:23 PM:
| Quote: | Greenspan Legacy
Alan took office on August 11, 1987.
When he took charge, outstanding consumer credit
was $672.2 billion. Now it is $2,147.4 billion
Household credit market debt was $2,711.54 billion,
and now it's $10,764.54
Domestic no-financial business debt was $1,974.1 billion,
and now it's $5,269.4 billion
Interest and currency derivatives was $865 billion, and
now it's $201.413 billion. (trillion?)
M3 was $3620.160 billion, and now it's $9976.729 billion
The trade deficit was $150.7 billion, and now it's $756.8 billion.
Foreign owned US assets were $1.7 trillion, and now it's $11.5
trillion.
==
OK....you got your whining off your chest.... |
Now.....what would YOU have done differently??? |
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Guest
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| Posted:
Wed Nov 09, 2005 1:00 am Post subject:
Re: What hath Greenspan Wrought? |
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You know I look around in my state and see people trying buy houses
that 3 families could live in.
Oh they go in debt to their eyeballs so they can have a bigger house
than the next guy, Greenspan didn't do that, they did.
People want the cheapest goods they can get, they could care less if
it's made in Japan, China or Mexico. It's been that way as long as I
can remember, Greenspan wasn't in charge in the 60's when we gave our
Consumer Electronic business to Japan.
Stop blaming government for all our ills.
"We have met the enemy and he is us" POGO
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Don Tiberone
Guest
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| Posted:
Wed Nov 09, 2005 4:20 am Post subject:
Re: What hath Greenspan Wrought? |
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Blash <blash1@comcast.net> wrote in message
news:BF96B0B7.1C38B%blash1@comcast.net...
| Quote: | in article 1131495801.279499.310080@g44g2000cwa.googlegroups.com, beebs at
beebs79@softhome.net wrote on 11/8/05 7:23 PM:
Greenspan Legacy
Alan took office on August 11, 1987.
When he took charge, outstanding consumer credit
was $672.2 billion. Now it is $2,147.4 billion
Household credit market debt was $2,711.54 billion,
and now it's $10,764.54
Domestic no-financial business debt was $1,974.1 billion,
and now it's $5,269.4 billion
Interest and currency derivatives was $865 billion, and
now it's $201.413 billion. (trillion?)
M3 was $3620.160 billion, and now it's $9976.729 billion
The trade deficit was $150.7 billion, and now it's $756.8 billion.
Foreign owned US assets were $1.7 trillion, and now it's $11.5
trillion.
==
OK....you got your whining off your chest....
Now.....what would YOU have done differently???
|
How about stop printing money out of thin air?
How about after the internet bubble burst, stop the rate rises instead of
pouring salt over the wounds by continuing to raise them even AFTER the
bubble burst which made things even worse?
How about not panicking by trying to fix your original mistake by reducing
rates to a ridiculously low 1% thereby encouraging people not to save, and
instead to speculate.
How about NOT encouraging people to take out "exotic" loans like he did last
year and claim there wasn't a real estate bubble, only to pull a 180 this
year?
How about not foolishly saying there's no way to identify bubbles and how
he'll only act AFTER the bubble has popped and fix the problems afterward?
How about not claiming how inflation is contained and how "core CPI" is low
yet he continues raising rates in order to fight inflation? Why do you need
to raise rates if inflation is already contained and "core" CPI is already
so low? Could it be that *gasp*, there actually is inflation? Or could it be
that he's once again trying to fix the problem he helped create when he
encouraged people to speculate on real estate? So now he realized the
problems this housing bubble could create so better slow it down now before
it gets worse.
What good timing for Greenspan. He'll be retired and all the problems he
created, will be blamed on Helicopter Bernanke.
--
"The sons of all of us will pay in the future if we of the present do not do
justice in the present."
-Theodore Roosevelt
"The last duty of a central banker is to tell the public the truth."
- Alan Blinder, former Vice Chairman of the Federal Reserve |
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PeterL
Guest
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| Posted:
Wed Nov 09, 2005 7:03 am Post subject:
Re: What hath Greenspan Wrought? |
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beebs wrote:
| Quote: | Greenspan Legacy
Alan took office on August 11, 1987.
When he took charge, outstanding consumer credit
was $672.2 billion. Now it is $2,147.4 billion
Household credit market debt was $2,711.54 billion,
and now it's $10,764.54
Domestic no-financial business debt was $1,974.1 billion,
and now it's $5,269.4 billion
Interest and currency derivatives was $865 billion, and
now it's $201.413 billion. (trillion?)
M3 was $3620.160 billion, and now it's $9976.729 billion
The trade deficit was $150.7 billion, and now it's $756.8 billion.
Foreign owned US assets were $1.7 trillion, and now it's $11.5
trillion.
==
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Why not blame the over 2000 US deaths in Iraq on him too? How about
Katrina? Was that his fault too? |
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ynotssor
Guest
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| Posted:
Wed Nov 09, 2005 7:14 am Post subject:
Re: What hath Greenspan Wrought? |
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"beebs" <beebs79@softhome.net> wrote in message
news:1131495801.279499.310080@g44g2000cwa.googlegroups.com...
| Quote: | Interest and currency derivatives was $865 billion, and
now it's $201.413 billion. (trillion?)
|
If you are so unsure of your figures that the uncertainty involves 3 orders
of magnitude, why even bother to open your mouth? |
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Blash
Guest
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| Posted:
Wed Nov 09, 2005 8:14 am Post subject:
Re: What hath Greenspan Wrought? |
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ynotssor says:
| Quote: | If you are so unsure of your figures that the uncertainty involves 3 orders
of magnitude, why even bother to open your mouth?
|
It's a "Copy & Paste"......that does NOT involve thinking........ |
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Gib Bogle
Guest
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| Posted:
Wed Nov 09, 2005 8:21 am Post subject:
Re: What hath Greenspan Wrought? |
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Lawyerkill@aol.com wrote:
| Quote: | You know I look around in my state and see people trying buy houses
that 3 families could live in.
Oh they go in debt to their eyeballs so they can have a bigger house
than the next guy, Greenspan didn't do that, they did.
|
I agree with that part.
| Quote: |
People want the cheapest goods they can get, they could care less if
it's made in Japan, China or Mexico.
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I disagree with this. They couldn't care less. |
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Arthur
Guest
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| Posted:
Wed Nov 09, 2005 9:01 am Post subject:
Re: What hath Greenspan Wrought? |
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Explain " he TOOK CHARGE "
Exactly what does that mean?
arthur
==
On 8 Nov 2005 16:23:21 -0800, "beebs" wrote:
| Quote: | Greenspan Legacy
Alan took office on August 11, 1987.
When he took charge, outstanding consumer credit |
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Guest
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| Posted:
Wed Nov 09, 2005 9:01 am Post subject:
Re: What hath Greenspan Wrought? |
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On 8 Nov 2005 16:41:24 -0800, Lawyerkill@aol.com wrote:
| Quote: | You know I look around in my state and see people trying buy houses
that 3 families could live in.
Oh they go in debt to their eyeballs so they can have a bigger house
than the next guy, Greenspan didn't do that, they did.
People want the cheapest goods they can get, they could care less if
it's made in Japan, China or Mexico. It's been that way as long as I
can remember, Greenspan wasn't in charge in the 60's when we gave our
Consumer Electronic business to Japan.
|
I personally believe that people are sick and tired of the cheapest.
The wife complains that on a twenty dollor woman's chirt the bastards
are so cheap with the labor and fabric they won't even put a damned
pocket. Says fifteen cents is all it costs to put a pocket on it.
Then we get started about the fraud perpitrated on americs with all
the free trade garbage about cheaper merchandise.... to date we have
not seen cheaper womens clothing, cars, decent furniture one could
pass on to their grandchildren or quailty housing for that fact.
The houses they built today are future slums and building has really
not advanced in decades because of the cost. Should someone figure
out a way to built permenant houses and roads Mexico would be
unemployed and we would have far less waste...
Everything is throw away including people if you watch enough tv.
| Quote: | Stop blaming government for all our ills.
"We have met the enemy and he is us" POGO |
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Guest
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| Posted:
Wed Nov 09, 2005 9:01 am Post subject:
Re: What hath Greenspan Wrought? |
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On 8 Nov 2005 16:41:24 -0800, Lawyerkill@aol.com wrote:
| Quote: | You know I look around in my state and see people trying buy houses
that 3 families could live in.
Oh they go in debt to their eyeballs so they can have a bigger house
than the next guy, Greenspan didn't do that, they did.
|
That is not the real reson they buy these bigger and bigger houses.
The main reason they buy them is to get away from rough city areas and
bad schools. People want to deel secure but little do they realize
they set themselves up for targets as society decays even further...
One should live simply without to many baubles to keep from attracting
envy, creating jealousy, and opportunity for wanna bes.
The best security is to be secure as a person.
The problem for the upwardly mobile is not buying the house but being
able to stay with one job long enough to pay for the darned thing with
todays volatility in the work force and Manpower and Kely girl being
the largest employers.
| Quote: | People want the cheapest goods they can get, they could care less if
it's made in Japan, China or Mexico. It's been that way as long as I
can remember, Greenspan wasn't in charge in the 60's when we gave our
Consumer Electronic business to Japan.
Stop blaming government for all our ills.
"We have met the enemy and he is us" POGO |
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J-Trader
Guest
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| Posted:
Wed Nov 09, 2005 3:11 pm Post subject:
Re: What hath Greenspan Wrought? |
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My guess is it means that is when "They" actually locked him in the
stockade, so we could throw rotten veggies at him.
Regardless of what we want to believe, one man is not in complete control of
anything.
So why is it that one man is being held completely responsible for
everything?
"Arthur" <nobody.lives.here@xoxy.net> wrote in message
news:5r73n1drs2a4vojlagjdmkns4dbjqidaf2@4ax.com...
| Quote: | Explain " he TOOK CHARGE "
Exactly what does that mean?
arthur
==
On 8 Nov 2005 16:23:21 -0800, "beebs" wrote:
Greenspan Legacy
Alan took office on August 11, 1987.
When he took charge, outstanding consumer credit |
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Andrew
Guest
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| Posted:
Wed Nov 09, 2005 4:36 pm Post subject:
Re: What hath Greenspan Wrought? |
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In misc.legal beebs <beebs79@softhome.net> wrote:
Let us not forget Greenspan's comlicity in the $500.000.000.000
fraud against the U.S. taxpayers that was the S&L scandal.
<snip>
Charles Keating was the highest flyer in the Savings and Loan
industry in the mid 1980's. Keating's Lincoln Savings and Loan
Association was in trouble, as regulators wised up to its real
estate scams. Keating needed lots of help. Greenspan, then a
private consultant, obliged. On one day for which we have records,
December 17, 1984, Mr. Greenspan traveled to Washington to lobby
on behalf of Mr. Keating. Greenspan's personal fee for that one
day was $12,000.
What kind of work did Keating get? On February 13, 1985,
Greenspan wrote a long letter to the principal supervisory agent
of the Federal Home Loan Bank in San Francisco. In it, he
committed his vast prestige to the proposition that Lincoln and
Keating presented "no foreseeable risk to the Federal Savings and
Loan Insurance Corporation.":
"1. Lincoln's new management, and that of its
parent, American Continental Corporation, is seasoned
and expert...
"2. the new management has a long and continuous
track record of outstanding success in making sound and
profitable direct investments.
"3. the new management succeeded in a relatively
short period of time in reviving an association that
[was near] the point of insolvency.
"4. the new management effectively restored the
association to a vibrant and healthy state, with a
strong net worth position, largely through the expert
selection of sound and profitable direct
investments..."
And so on.
In fact, Lincoln Savings and Loan Association was at the
heart of a massive fraud; those "sound and profitable direct
investments" were mostly worthless. The collapse, when it came, by
itself cost American taxpayers over three billion dollars, more
than any other single S&L. It resulted in more than six felony
convictions, including that of Charles Keating.
<snip> |
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Ben
Guest
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| Posted:
Wed Nov 09, 2005 5:00 pm Post subject:
Re: What hath Greenspan Wrought? |
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| Quote: | Regardless of what we want to believe, one man is not in complete control
of
anything.
So why is it that one man is being held completely responsible for
everything?
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Probably for the same reason that any incumbent gets ALL the credit &/or
blame when in office, POLITICS. |
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Guest
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| Posted:
Wed Nov 09, 2005 5:00 pm Post subject:
Re: What hath Greenspan Wrought? |
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eight wrote.
The main reason they buy them is to get away from rough city areas and
bad schools. People want to deel secure but little do they realize
they set themselves up for targets as society decays even further...
One should live simply without to many baubles to keep from attracting
envy, creating jealousy, and opportunity for wanna bes.
LK
Small homes are called starter homes out here.
I live in the same town that I lived in for the past 50 years. You can
take the house I grow up in and almost fit it in the basement of the
home I have now, and my home is not considered a very large home in
this area. Same area, same schools, same security, much, much larger
homes. |
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