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He may think we know how long this "one time" adjustment (depression)
will last, but he is not telling.
Also, he may be estimating a future productivity only a little better
than the lowest levels of 1970 - 1995.
What we do know, is that he has expanded the money supply by 7%+ per
annum, since 1987, and is adding to bank reserves nearly $200
billion, if estimates of the situation are at all accurate.
Far from having a "stimulatory" effect, rapid inflation of the money
supply causes dilution of the value of incomes and savings for
Americans, and anyone else who lives where local money is pegged to
the dollar.
Hoisting phoney dollars into the dumpsters of NY City banks, may be
of benefit to local speculators, but has a deleterious effect on
wealth in the world.
Bragging about how this could possibly lead to an increase in
productivity, is more of an hysterical euphemism than spenders,
savers, and investors prefer to hear, at this troubled time.
Add in the unknowable cost of the United State military/foreign
policy adventures, and the enormity of the total subtraction from
private (productive) wealth, can hardly be described.
Thankfully, stock market prices do tend to discount such horrors, and
very often try to make a real advance afterwards.......whenever that
is.
In spite of the fact the Sec. Rubin, Mrs. Yellin, and Mrs. Rivlin,
all resigned from the last administration....at the same time - at
the NASDAQ top - Mr. Greenspin is not ready to admit what he knows,
or what he doesn't know; and continues to answer questions with his
now famous "grin".
Bush has a smirk; Cheney has a sneer, and Greenspin a snarl. Even in
fiction, it could hardly get (more corny) better than this.
Hourman
--- In amibroker@xxxx, "Jeff Gholson" <jgholson@xxxx> wrote:
> In other words....he has no idea what this economy will do! ; )
>
> Thanks and have a great day!
>
> Jeff Gholson
> R.F. Cunningham & Co
>
>
> -----Original Message-----
> From: Dimitris Tsokakis [mailto:TSOKAKIS@x...]
> Sent: Wednesday, October 17, 2001 2:01 PM
> To: amibroker@xxxx
> Subject: [amibroker] Oct 17, 2001
>
>
> ...
>
> [The level of productivity will presumably undergo a one-time
downward
> adjustment as our economy responds to higher levels of perceived
risk. But
> once the adjustment is completed, productivity growth should resume
at rates
> in excess of those that prevailed in the quarter-century preceding
1995.]
>
> ...
>
> [From
>
> Testimony of Chairman Alan Greenspan
> Monetary policy and economic outlook
> Before the Joint Economic Committee, U.S. House of Representatives
> October 17, 2001 ]
>
> Dimitris Tsokakis
>
>
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>
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>
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