[A. Pole]

In a separate House hearing in July, angry congressmen lashed out at Greenspan's free-market views at a time when the U.S. was bleeding manufacturing jobs. Won't the nation's economic security be compromised if its manufacturing base corrodes, the lawmakers demanded to know.
[...]
Greenspan's answer: It doesn't matter, as long as Americans can import whatever they need.
[...]
"If there is no concern about access to foreign producers of manufactured goods, then I think you can argue it does not really matter whether or not you produce them or not," he said. "The main issue here is the question of the security of supply of those essential types of goods, which will always be required by human beings - food, clothing, shelter and the like."

Free market bump.

[bvw]

That's a demented comment and "reasoning" by Mr. Greenspan, husband of a famous media personality. Man doesn't live by bread alone.

[familyofman]

"It doesn't matter, as long as Americans can import whatever they need."

Sounds like something shallow Hal would say. How can a country that doesn't make anything be a world power. Let's just offshore everything including the whole military - it doesn't matter as long as we can hire mercenaries.

Mr. Greenspan might like to take a look at places around the country that have some experience with job/industry losses; Pittsburgh, Kannapolis (whole state of SC), silicon valley. I'd love to see him tell the displaced workers - "don't worry, be happy".

[Glenn]

supply of those essential types of goods, which will always be required by human beings - food, clothing, shelter and the like

I thought my sons were nuts when they aimed their careers at food service (#1 son Domino's Franchise and #2 son finishing his third year at Johnson & Wales). I had hoped one of them would take up the computing profession so as to follow in my footsteps. Turns out they were a lot smarter than their old man.

[William Terrell]

Greenspan's is a moneyman answer. He, like many, truly believes that the desire for wealth overrides ideology. He believes that Chine will become dependent on the West's wealth through trade and will never seek to dominate it.

His lust after globalism blinds him to human nature as actinically exposed in every moment of history.

[ex-snook]

"According to Reich, they are the elite who constitute about 20% of the U.S. population. In the last 15 years, they have seen their inflation-adjusted incomes increase 9%.

The other 80% of the work force includes people with more conventional jobs, along with lower-skilled workers who gravitate toward more modest or even minimum wages.

Reich reckons that that 80% has seen its inflation-adjusted income decrease 11% in the past 15 years.

Very telling - the Ghost of Elections Coming.

We are a political economy not an economic text book economy. People vote and they vote with their pocketbooks.

Voters need Republican and Corporate patriotism in the war on American jobs or we will become socialist at an even greater speed than Bush is driving.

God Bless Us, Everyone.