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I just used my last reply to demonstrate that Greenspan does indeed have clout over the financial sector and hence, the congress. I agree with your assessment specifically with the example you raised but I think the last report or two indicates to me that Greenspan and the Feds job is becoming more complex with the falling dollar, budget deficit, and growing trade deficits. I think he implied that tax policy is part of the stabilizing force and that major changes in the way we are taxed is essentially out of the question now but a small increase in overall tax revenue is not and it could be achieved by way of a low sales tax.

I have been writing for over five years now that we will have a sales tax but we will still be taxed on income. The government needs our money, liberals need even more of it, but they will not allow a system that does not soak the "rich" or provide for progressivity. They will however, that is the liberals, vote for a tax that provides a "rebate" to the lazy, the weak, the stupid, and the useless. That is the main selling point to the lefties where they want tax cuts, really credits, for those who have a minimal income now. There are socialists who see the so-called "fairTax" as the vehicle to establish a BIG or Basic Income Guarantee in the USA and further the destruction of our republic and speed the path to communism.

Do you want to be part of this?

BTW, if you are in favor of a tax that is fair can you please identify a legal definition of "fair" or "fairness".

I agree with your point that the libs will do everything in their power to institute the fair tax ON TOP of the IC. We just can't let them. Of course it won't be easy but if something were easy then everybody would do it, right?

I think you're over-reaching the Fed's activity and mission. There are 50 PhD economists sitting on the desk of the NY Fed Bank. They have always been there. They are like a ship's rudder. They can turn but it takes a long time.

Greenspan does indeed have clout with words in the short term such as when he admonishes stock pickers for irrational exhuberance for example and the stock market goes down 250 points. But in the long run all he can do is manage short term interest rates and reserves.

This battle is not about Greenspan or the Fed. It is about governing ourselves in a responsible way. The momentum is there. We are on the brink of wiping the IRS off the face of the earth. I want to be a part of it. Hell yes I do.