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Volcker: Fed Plan an Illusion, Won't Boost Economy
Money News ^
| 11/05/10
Posted on 11/06/2010 11:13:32 PM PDT by TigerLikesRooster
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To: BfloGuy
I recall reading that Volcker credits Reagan for being totally supportive of the move, despite the political difficulty. IIRC, that's where Reagan's "stay the course" manta came from. He was telling people to give his economic program time to work. It did work, just in time for a re-election of FDR-like proportions.
My assessment of this situation has from the start been that it would be a long slog through the muck. That day would follow day, month to month, year to year, and nothing much would change. You'd look up one day and four years will have gone by, all like the others. The opposite of robust.
But that keeps telling me DEFLATION. I'm just a schmoe, but it looks that way to me. In a deflationary depression, no amount of pump-priming will save you. You can't get inflation no matter how hard you try. All you do is dig the deflationary hole deeper and tack some more years onto the slog.
21
posted on
11/07/2010 5:57:54 AM PST
by
Huck
(Antifederalist BRUTUS should be required reading.)
To: freethinker_for_freedom
We don’t expect miracles but we do demand competance..
To: freethinker_for_freedom
>>Bad news for elected officialsif Volcker is right, then lots of incumbents are going to be voted out of office in the next election cycle.<<
I pray that this happens. We need a cleaning from the bottom floor to top floor ceiling. I think we may find that we don’t need all the floors that we currently use.
23
posted on
11/07/2010 6:59:02 AM PST
by
B4Ranch
(Conflict is inevitable; Combat is an option. Train for the fight.)
To: BealNoortz; All
Volker is a true figure head. He is there only to be brought out of storage and paraded in front of the cameras whenever...Exactly. Like his brilliant investigation in the oil-for-food-scandal. /sarcasm
Con-men enabling con-men.
A little late to the (tea) party, Paul.
Great thread. Thanks to all posters.
24
posted on
11/07/2010 7:09:13 AM PST
by
PGalt
To: TigerLikesRooster; blam; Quix; stephenjohnbanker; M. Espinola; All
25
posted on
11/07/2010 7:19:58 AM PST
by
ex-Texan
(Ecclesiastes 5:10 - 20)
To: TigerLikesRooster
OK, I ain’t real smart like, see, but as fer as I kin gether
this hole plan is ‘bout the same like as iffen I was tuh go out to tha storage trailer an’ crank up some o’ that ol’ worthess offset printin’ equipment I got still settin’ aroun’ an’ print up 600 billion dollars worf o’ counterfit moolah. Is that there ‘bout rite?
26
posted on
11/07/2010 8:12:59 AM PST
by
RipSawyer
(Clem Hussein Kadiddlehopper would be a vast improvement.)
To: TigerLikesRooster
27
posted on
11/07/2010 8:48:47 AM PST
by
GOPJ
('Power abdicates only under the stress of counter-power." Martin Buber /a Tea-nami's coming..)
To: freethinker_for_freedom
“Americans dont believe in slow and labored recoveries. They want miracles.”
///////////////////////////////////////////////////////////
They have a right to expect miracles, Obama promised miracles! On the stage at Denver he said that he would defeat POVERTY, DISEASE AND CLIMATE CHANGE! That is the kind of thing that if you can’t do it quickly then you just can’t do it at all. If you claim the powers of a god then it is rather pathetic to say that you need more time to work your miracles.
28
posted on
11/07/2010 8:55:37 AM PST
by
RipSawyer
(Clem Hussein Kadiddlehopper would be a vast improvement.)
To: TigerLikesRooster
"The influence of this kind of action on longer term interest rates, in particular, is ambiguous because the immediate impact of buying bonds ought to be to drive bond prices up and interest rates down," he said. "But if people get concerned about longer run inflationary impacts, the effects go in the other direction." Ahhh, 'the rub'...
29
posted on
11/07/2010 9:01:09 AM PST
by
GOPJ
('Power abdicates only under the stress of counter-power." Martin Buber /a Tea-nami's coming..)
To: Huck
I wish we could have some deflation in food and energy.
30
posted on
11/07/2010 9:02:59 AM PST
by
RipSawyer
(Clem Hussein Kadiddlehopper would be a vast improvement.)
To: NVDave
We haven’t had a competent Fed chairman since Volcker. Too bad he’s nearly 90, we need him to run it again.
31
posted on
11/07/2010 9:48:57 PM PST
by
Pelham
(Islam, the mortal enemy of the free world)
To: palmer
32
posted on
11/07/2010 9:51:31 PM PST
by
Pelham
(Islam, the mortal enemy of the free world)
To: RipSawyer
I wish we could have some deflation in food and energy. My understanding is that what we have in those sectors is part of a larger commodity bubble.
33
posted on
11/08/2010 4:06:56 AM PST
by
Huck
(Antifederalist BRUTUS should be required reading.)
To: Huck
Let’s hope that bubble bursts soon if that is the case. I have begun to suspect there may be some real scarcity developing.
34
posted on
11/08/2010 4:47:54 AM PST
by
RipSawyer
(Clem Hussein Kadiddlehopper would be a vast improvement.)
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