Obama Hires Paul Volcker

Quote from Sandybestdog:

How come when I mention this idea on ET, that inflation is a tax on the poor and isn't fair, I am called a socialist or told by Landis82 to turn my brain on? Inflation is the most evil economic sanction against the poor. I hope housing prices continue to crash. Maybe one day I can actually afford one. A house was never meant to be an ATM.
More...

Where is ALL of this INFLATION that you are talking about?

Crude oil is at $53.00 per barrel.
Gasoline prices are under $2.00 per gallon.
Housing prices have dropped 50%.

U.S. October CPI fell by 1.0%
Wholesale prices fell by 2.8% in October.
That's the BIGGEST single drop in 60 years!!!

Please show me where ALL of this inflation is???
 
Quote from Landis82:

Where is ALL of this INFLATION that you are talking about?

Crude oil is at $53.00 per barrel.
Gasoline prices are under $2.00 per gallon. Housing prices have dropped 50%.

U.S. October CPI fell by 1.0%
That is the biggest single drop in 60 years!

Please show me where ALL of this inflation is???
More...

have you been to the alex jones tshirt shop latetly?prices have been through the roof, check out loose change dvds up 15% yoy :D
 
Quote from Landis82:

1.) In your original post did you not claim that VOLCKER was responsible for playing a big role in creating INFLATION?

Nowhere did you say anything about the Federal Reserve. Perhaps you should re-read what you actually post and/or be a lot clearer of getting the "thoughts" that you have in your brain down on paper.

2.) Are you actually tying Tim Geithner to Alan Greenspan? He didn't become a member of the NY Federal Reserve until Oct. of 2003. Even then, he was just one of the Fed Governors. Do you even know what his voting record was while he was a Board of Governor?

3.) After the Fed's announcement of finally guaranteeing Fannie and Freddie, did you not see the FACT that mortgage rates dramatically declined by well over 3/4's of a point in a single day yesterday?

How does that not benefit the American homeowner or a prospective homeowner?

4.) President elect Obama is facing an economy that is most likely registering a -5% GDP for Q4.

Why is it that you are unable to understand that the ECONOMY is the TOP PRIORITY with his new Administration?

Why would anyone replace Robert Gates during this time? He has been a tremendous asset to this Country. Obama obviously values what he has accomplished thus far, and wishes to continue with such continuity of leadership.

5.) Yes, he might not roll-back the Bush tax cuts and would simply let them expire at the end of 2010. Obama obviously understands that balancing the budget right now is NOT the prime concern.

Why is it that you are not able to understand these basic concepts?
More...

1. I said I read Volcker was instrumental in taking us off the gold standard. The gold standard kept the inflation in check because you can’t print more money. Taking us off of it allowed all of the inflation to be created. Then we praised him for curing it in the 80’s. Why don’t we just have a stable currency in the first place so we don’t have inflation?

2. I can’t find much info on Tim Geithner’s voting record. Most of the stuff I read said that he orchestrated the Bear Stearns bailout and generally agrees with all of the actions that have been taken by the Fed and treasury. 2003 was certainly plenty of time to try to stop the huge increase in the money supply. The fact that he hasn’t been well known until now shows that he goes along with the status quo.

3. Interest rates are two sided. How does keeping the FF rate at 1% help those who need the interest money? Seniors who have saved their whole lives are not getting any investment income due to artificially low interest rates. They have been completely forgotten. Higher interest rates help preserve the value of the dollar.

4. At least we agree on something. The economy should be the top priority. But Obama promised to end the war. I don’t see how he’ll be able to do that by keeping Gates.
 
Quote from Sandybestdog:

4. At least we agree on something. The economy should be the top priority. But Obama promised to end the war. I don’t see how he’ll be able to do that by keeping Gates.
More...

I don't have time to respond to your posts anymore because you fail to see how a 1% Fed Funds rate stimulated the Economy. It's pretty basic stuff, really.

As for Secretary Gates, he will be in charge of executing Obama's policy directive to withdraw troops from Iraq. Obama is the commander in chief. He creates military policy. Gates' function at Secretary of Defense is to take orders from the Commander in Chief and execute the policy directive.

Secretary of Defense Gates will also be responsible for executing Obama's desire to increase troops in Afghanistan.

Again, these are basics.
Why you are unable to understand that is absolutely beyond any rationale whatsoever.

Good Day.
 
Quote from Landis82:

Where is ALL of this INFLATION that you are talking about?

Crude oil is at $53.00 per barrel.
Gasoline prices are under $2.00 per gallon.
Housing prices have dropped 50%.

U.S. October CPI fell by 1.0%
Wholesale prices fell by 2.8% in October.
That's the BIGGEST single drop in 60 years!!!

Please show me where ALL of this inflation is???
More...

A dollar in 1913 when the Fed was created is now worth 5 cents. There's your inflation.

Crude was at $25 a few years ago. Do you not remember when it hit $147? June had the highest CPI in years. We all know the method for calculating the CPI is bogus. They should just use the money supply to calculate inflation, but unfortunately the Fed doesn't publish those anymore. Probably because they don't want you to know how much money they're printing up.

First off, housing prices are not down 50%. Commodity prices are down due to the temporary drop in the money supply due to the credit crunch. Plus they were overvalued in the first place. Banks are hesitant to lend, so the money supply has dropped, at least there is the appearance of that. I think they are printing money like crazy now to bail everybody out, but it's not quite in the system yet.
 
Quote from scriabinop23:

Food has definitely been stickiest to fall.. Can't wait until restaurants pass down lower costs.
More...

Don't count on it. I work at a restaurant and they won't lower prices unless they have to. They might offer specials on certain things, but don't expect more than that.
 
You must log in or register to reply here.
Back
Top