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Old 09-25-2010, 10:00 AM
 
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There is no doubt in my mind that that action of Reagan, plus his emphasis on lowering tax rates, plus his emphasis on deregulating ... I mentioned that the regulations had doubled, the number of pages in the Federal Register had doubled, during the Nixon regime; they almost halved during the Reagan regime. So those actions of Reagan unleashed the basic constructive forces of the free market and from 1983 on, it's been almost entirely up.
Commanding Heights : Milton Friedman | on PBS

 
Old 09-25-2010, 03:22 PM
 
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Perhaps because he was effective at taming inflation, when now it is deflation that is the greater threat. Or because he is on Obama's team. Incidentally, Carter was the one who first appointed him.
 
Old 09-29-2010, 04:59 PM
 
6,082 posts, read 6,024,486 times
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Quote:
Originally Posted by pvande55 View Post
Perhaps because he was effective at taming inflation, when now it is deflation that is the greater threat. Or because he is on Obama's team. Incidentally, Carter was the one who first appointed him.
According to many, including Volcker, deflation is NOT the greatest threat the nation faces.

"Volcker warned that "the financial system is broken. ... We know that parts of it are absolutely broken, like the mortgage market, which only happens to be the most important part of our capital markets [and has] become a subsidiary of the U.S. government." That sentence was quoted in brief mentions of the speech in The New York Times and other leading news outlets but not so his explanation of how this was allowed to happen: "I don't think anybody doubts that the underlying problem in the markets is this too-big-to-fail syndrome, bailout and all the rest."

Volcker is right that those too-big-to-fail banks were at the heart of the problem, but the folks who pushed through the legislation allowing the creation of those unwieldy financial monsters still feign innocence. They include Bill Clinton; his treasury secretaries, Robert Rubin and Lawrence Summers; former Sen. Phil Gramm, a Texas Republican; and former Federal Reserve Chair Alan Greenspan. Their success in smashing the wall between investment and commercial banking is the source of our current misery."
 
Old 09-29-2010, 05:05 PM
 
Location: The High Seas
7,372 posts, read 15,976,804 times
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Quote:
Originally Posted by kovert View Post
According to many, including Volcker, deflation is NOT the greatest threat the nation faces.

"Volcker warned that "the financial system is broken. ... We know that parts of it are absolutely broken, like the mortgage market, which only happens to be the most important part of our capital markets [and has] become a subsidiary of the U.S. government." That sentence was quoted in brief mentions of the speech in The New York Times and other leading news outlets but not so his explanation of how this was allowed to happen: "I don't think anybody doubts that the underlying problem in the markets is this too-big-to-fail syndrome, bailout and all the rest."

Volcker is right that those too-big-to-fail banks were at the heart of the problem, but the folks who pushed through the legislation allowing the creation of those unwieldy financial monsters still feign innocence. They include Bill Clinton; his treasury secretaries, Robert Rubin and Lawrence Summers; former Sen. Phil Gramm, a Texas Republican; and former Federal Reserve Chair Alan Greenspan. Their success in smashing the wall between investment and commercial banking is the source of our current misery."
I hope we hear more from Volcker.
 
Old 09-29-2010, 08:00 PM
 
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Originally Posted by Snort View Post
I hope we hear more from Volcker.
Ask and you shall receive.
 
Old 10-08-2010, 07:34 AM
 
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The Johnson on how to implement the Volcker Rules.

"We know that big banks like to bet big, particularly as the credit cycle develops. Sometimes this goes well for them and their shareholders, and other times it goes badly as it did for Goldman Sachs when it reported losses on equity derivatives in the second quarter. When large bets go bad the damage can be so catastrophic that the entire credit system is disrupted and the tax payer is again on the hook.

There is nothing anti-business about wanting to enforce the Volcker Rule. Quite to the contrary, the severity of the financial collapse in the fall of 2008 was very much about how big banks acquired and mismanaged huge risks -- not all of which were within officially designated prop-trading groups -- and in the process damaged the rest of the financial industry and the broader economy.

The Volcker Rule may not be perfect but at this stage it’s almost all we’ve got. And with regard to voluntary compliance by the big banks, we should reflect on Ronald Reagan’s thinking with regard to nuclear disarmament commitments by the Soviet Union, “trust, but verify.”
 
Old 10-09-2010, 04:38 PM
 
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Words of wisdom (http://www.thefiscaltimes.com/Issues/Budget-Impact/2010/10/08/Neocons-Talk-Deficit-but-Wont-Budge-on-Defense-Cuts.aspx?p=1 - broken link) from one of Old Man Gip's buddies.

It is truly criminal how the freak show of Beck & Palin have so usurped, warped and distorted the proud name of conservatism.

Truly a national tragedy.

"The only real alternative to deep defense cuts would be to strengthen our nation’s revenue-raising capacity. Historically, wars have always been financed in large part by tax increases, as I detailed in a column in Forbes last year. It was a tragedy that Republicans chose to put the cost of Iraq and Afghanistan on the national credit card, rather than asking the American people to sacrifice a little bit. As it is, the only people who have sacrificed are our armed forces and their families.

It’s easy to see why Republicans wanted desperately to avoid asking Americans to sacrifice — they would almost certainly have demanded that we get out of Iraq and Afghanistan long before now. According to a September New York Times/CBS News poll, 71 percent of Americans think the war in Iraq wasn’t worth it. That number would unquestionably be higher if taxes had been raised as a consequence.

As the great economist Adam Smith put it, Ch.3, Of Public Debts, “Were the expense of war to be defrayed always by revenue raised within the year … wars would in general be more speedily concluded, and less wantonly undertaken.”

So far, Republicans have been able to delude voters and perhaps themselves that the budget can be balanced without higher taxes, and by cutting only domestic discretionary programs. When reality finally sets in and they have no choice but to accept that this is impossible, establishment conservatives like Brooks, Feulner and Kristol must decide which is more important to them: opposing all tax increases or preserving the defense budget. We will then find out if they genuinely care about our national security or are what Thomas Paine called summer soldiers and sunshine patriots."
 
Old 10-09-2010, 05:33 PM
 
Location: KCMO Metro Area
199 posts, read 318,759 times
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Quote:
Originally Posted by InformedConsent View Post
Ask Obama why Volker wasn't nominated for Fed Chairman instead of Bernanke? Get back to us with your answer...
Because Obama is not the one that appointed Bernanke, he was appointed by BUSH in 2006. Why would you ask Obama about a BUSH appointment?
 
Old 10-09-2010, 06:07 PM
 
29,939 posts, read 39,401,256 times
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Quote:
Originally Posted by Weekender1968 View Post
Because Obama is not the one that appointed Bernanke, he was appointed by BUSH in 2006. Why would you ask Obama about a BUSH appointment?
Obama Picks Bernanke for Second Term as Federal Reserve Chairman - washingtonpost.com
 
Old 11-06-2010, 02:02 PM
 
6,082 posts, read 6,024,486 times
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Albeit not necessarily economic related, this old school Reaganite is not biting her tongue about the freak show out there that's masquerading as conservatives.

"Excuse me, but this was ignorant even for Mrs. Palin. Reagan people quietly flipped their lids, but I'll voice their consternation to make a larger point. Ronald Reagan was an artist who willed himself into leadership as president of a major American labor union (Screen Actors Guild, seven terms, 1947-59.) He led that union successfully through major upheavals (the Hollywood communist wars, labor-management struggles); discovered and honed his ability to speak persuasively by talking to workers on the line at General Electric for eight years; was elected to and completed two full terms as governor of California; challenged and almost unseated an incumbent president of his own party; and went on to popularize modern conservative political philosophy without the help of a conservative infrastructure. Then he was elected president."

Old Man Gip was a union man, and the lunatics that are desecrating his name by trying to distort and claim his legacy for themselves are staunchly anti-union, Gip must be turning over in his grave over the chalkboard worshippers.
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