Jim Roger's Article on Greenspan
- Thread starter Reverend Trader
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Madison
I heard about the thing you said about the ownership of the fed. I think that was in the context of conspiracy theory, or something near to that. My opinion is that an argument like yours about the conflict of interest for greenspan sounds convincing, but there is often another convincing argument for the opposite. In this case it might be that the political and economic structure of the US at the time the fed was set up was a major force in designing the fed the way it is. Honestly speaking I have rather no idea how the system actually works but it is definitly worth knowing who owns the fed.
Anybody an idea how ot find that out?
I heard about the thing you said about the ownership of the fed. I think that was in the context of conspiracy theory, or something near to that. My opinion is that an argument like yours about the conflict of interest for greenspan sounds convincing, but there is often another convincing argument for the opposite. In this case it might be that the political and economic structure of the US at the time the fed was set up was a major force in designing the fed the way it is. Honestly speaking I have rather no idea how the system actually works but it is definitly worth knowing who owns the fed.
Anybody an idea how ot find that out?
".....poor little greenie......" - David Bowie, in Jean Genie
Greenspan's job is not to give us a healthy stock market. His job also isn't to totally eliminate the business cycle, which isn't possible anyway. We will always have bull and bear markets, and growth periods and recession periods. His job is to prevent a 1930's style banking collapse, that's it. The banks aren't collapsing and the aren't going to. The fed will pump cash to them till the cows come home if necessary, so you may want to have a little gold around just in case, but there isn't going to be a banking disaster. Even JPM, as sick as it is, is not going under.
The current recession has been hell on a lot of people, but that is because we have been spoiled by many years of growth, so it feels worse than it is. Unemployment is about 5.6% last time I checked, a little high but hardly unusual historically. The hardest hit have been in specific industries, and historically industries Wax and Wane, that's capitalism, creative destruction. Companies we have never heard of will emerge from the ashes and fuel the next boom. Considering the whole terrorism thing and impending war with Iraq, we are doing extremely well.
One more thing, people like Jim Rogers LOVE bear markets, they make a lot of money in them, and also they LOVE to stir up controversy so people will read their column. Its all about money, they have a vested interest, Jim Rogers wasn't born to lead you all to the light, he is getting cash.
Greenspan's job is not to give us a healthy stock market. His job also isn't to totally eliminate the business cycle, which isn't possible anyway. We will always have bull and bear markets, and growth periods and recession periods. His job is to prevent a 1930's style banking collapse, that's it. The banks aren't collapsing and the aren't going to. The fed will pump cash to them till the cows come home if necessary, so you may want to have a little gold around just in case, but there isn't going to be a banking disaster. Even JPM, as sick as it is, is not going under.
The current recession has been hell on a lot of people, but that is because we have been spoiled by many years of growth, so it feels worse than it is. Unemployment is about 5.6% last time I checked, a little high but hardly unusual historically. The hardest hit have been in specific industries, and historically industries Wax and Wane, that's capitalism, creative destruction. Companies we have never heard of will emerge from the ashes and fuel the next boom. Considering the whole terrorism thing and impending war with Iraq, we are doing extremely well.
One more thing, people like Jim Rogers LOVE bear markets, they make a lot of money in them, and also they LOVE to stir up controversy so people will read their column. Its all about money, they have a vested interest, Jim Rogers wasn't born to lead you all to the light, he is getting cash.