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I believe you are mistaken. It was Reagans tax policy that pulled inflation down. Of course Volker palyed a role in the success with monetary policy. That is a far different skill than the role he is playing now. CC Sabathia is a great pitcher but I don't think he would do very good at first base.
Actually, I believe it was Reagan's 4 Trillion in borrowed spending that gave the economy a swift kick ... can you imagine how fine your personal living conditions would be if the bank gave you unlimited access to as much money as you could spend for several years?
Unfortunately, that little spate of prosperity was smoke and mirrors, and played right into the hands of the FED. That increase in national debt was greater than all debt ever created in the history of the country ... COMBINED ... and delivered the United States of America to the gangsters at the FED on a silver platter. It was that time period that permanently signed over our sovereignty as a nation to the bankers. And we've been on a slow decline ever since ... which is now quickening to a furious pace.
Take a look at a real time National Debt Clock ... and watch how fast the Million Dollar column moves like a second hand on a clock.
The Reagan years are still touted as the good old days and the perfect model for economic greatness. The reality is, it was the death blow to the Republic which from that time forward changed the name of America to the United States LLC, wholly owned subsidiary of the Bank of Rothschild.
It's only now that this is beginning to come to the light of day.
I believe you are mistaken. It was Reagans tax policy that pulled inflation down. Of course Volker palyed a role in the success with monetary policy. That is a far different skill than the role he is playing now. CC Sabathia is a great pitcher but I don't think he would do very good at first base.
Wasn't the idea behind the interest rate hike to discourage borrowing and boost savings?
Ask Obama why Volker wasn't nominated for Fed Chairman instead of Bernanke? Get back to us with your answer...
Yep. It is liely that he would ahve actaully looked at fannie and Freddie and it socail engineeering that caused muxch of teh housing mess supported by congress. Even today they refuse to look at its role.
Another old school Reaganite economic cat making it clear that the current tea baggin' lunatic fringe cult of Beckians that have upsurped and defiled the proud mantle of the right are FAr from following in the footsteps of old man Gip.
I may criticize the Gipper but he was not as looney tunes to let freak shows like Limbug and Palin be the brains of the outfit.
"IF there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing. The nation’s public debt — if honestly reckoned to include municipal bonds and the $7 trillion of new deficits baked into the cake through 2015 — will soon reach $18 trillion. That’s a Greece-scale 120 percent of gross domestic product, and fairly screams out for austerity and sacrifice. It is therefore unseemly for the Senate minority leader, Mitch McConnell, to insist that the nation’s wealthiest taxpayers be spared even a three-percentage-point rate increase.
More fundamentally, Mr. McConnell’s stand puts the lie to the Republican pretense that its new monetarist and supply-side doctrines are rooted in its traditional financial philosophy. Republicans used to believe that prosperity depended upon the regular balancing of accounts — in government, in international trade, on the ledgers of central banks and in the financial affairs of private households and businesses, too. But the new catechism, as practiced by Republican policymakers for decades now, has amounted to little more than money printing and deficit finance — vulgar Keynesianism robed in the ideological vestments of the prosperous classes.
Through the 1984 election, the old guard earnestly tried to control the deficit, rolling back about 40 percent of the original Reagan tax cuts. But when, in the following years, the Federal Reserve chairman, Paul Volcker, finally crushed inflation, enabling a solid economic rebound, the new tax-cutters not only claimed victory for their supply-side strategy but hooked Republicans for good on the delusion that the economy will outgrow the deficit if plied with enough tax cuts."
I didn't disappear, I gave up, out of the frustration of talking to a brick wall. I told you three times that your idea of campaign finance reform was a fruitless exercise, just as it has been a dozen times in the past. That is the definition of insanity .. doing the same thing over and over again, and expecting a different result. Have you any idea how may "campaign finance reform" exercises have been proposed and implemented over the years ... some of which were before you were born? And where is Ron Paul's audit the FED now? A gumless dog ... no teeth ... and the reform bill gives the FED even more power and control ... just as I have maintained would happen right from the start.
The only way to kill a snake is to kill it's head ... the Federal Reserve is the head ... not chase the tail ... campaign finance .. term limits .. or any other window dressing. Until to lock up the crooks, the robbery will continue. You want to keep building a better vault, but the heist is occurring from the inside!!!
The solution to all of this may not even be possible ... at least, not without experiencing the Great Depression II (which will be the Great Depression Squared). We're gonna see civil unrest, and potentially civil war, (just as these things are now occurring in Greece and elsewhere) which is why NORTHCOM is gearing up for such an event here. We are likely to see a war with Iran, and we have the BP Disaster as a distraction, and possibly these two events will be used as the excuse for the great economic collapse that is inevitable now, as was planned decades ago.
Consider yourself duly informed.
Hey Spooky, I'm no fan of the Fed and I was disappointed how watered down the Grayson/Paul Audit had become.
I however do believe that campaign finance reform should be a major topic of national discussion.
Is it the end all and be all, absolutely not, but its one tool among many that should have its merits considered, so on that I'll reserve my right to agree to disagree with you on that one.
By the way, Spooky, how's Scully and the baby doing?
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Well to continue on with the theme, another old school Reaganite cat, a REAL conservative and not a fake @zz, lunatic phony one.
"Prestowitz blames the American approach to trade and globalization. A former trade negotiator who worked on NAFTA and advised Ronald Reagan’s commerce secretary, he argues that at the root of the problem is a long-term American naïveté about global trade, a case he makes in his book The Betrayal of American Prosperity."
"Paul Volcker pulled no punches Thursday in a speech at the Federal Reserve Bank of Chicago, criticizing nearly all aspects of the nation's financial system, which he said is "broken."
His critique Thursday didn't stop with investment banks, according to the WSJ. Central banks, he said, became "maybe a little too infatuated with their own skills and authority."
A problem with regulation, he said, is that it relies on human judgment. He also bemoaned regulators' lack of perceived authority, saying that a financier might tell a regulator, "We know more about banking and finance than you do, get out of my hair."
William Alden First Posted: 09-24-10 08:52 AM | Updated: 09-24-10 08:52
Paul Volcker pulled no punches Thursday in a speech at the Federal Reserve Bank of Chicago, criticizing nearly all aspects of the nation's financial system, which he said is "broken."
The former chairman of the Fed and current chairman of the president's Economic Recovery Advisory Board had harsh words for banks, regulators, business schools and the larger economy. According to the Wall Street Journal, Volcker improvised the remarks, having decided not to read his prepared speech. He called for "structural changes in markets and market regulation." ...'
"Paul Volcker pulled no punches Thursday in a speech at the Federal Reserve Bank of Chicago, criticizing nearly all aspects of the nation's financial system, which he said is "broken."
His critique Thursday didn't stop with investment banks, according to the WSJ. Central banks, he said, became "maybe a little too infatuated with their own skills and authority."
A problem with regulation, he said, is that it relies on human judgment. He also bemoaned regulators' lack of perceived authority, saying that a financier might tell a regulator, "We know more about banking and finance than you do, get out of my hair."
According to those on this board who represent the right,
"being fat is good for our children and you can't prove that there's a connection with obesity and other health issues...."
It doesn't matter to the Republicans that our economy is at a standstill and people are out of work....
it seems that they want things to stay bad so they can point their fingers at the present administration and say "where are the jobs?"
The Republican party doesn't care about anything but power.
I hate to break your bubble, the dems are in charge, not the repubs. The rebups CANNOT DO ANYTHING.
It is the dems job to fix things.
Another bubble burster for you, the dems only think about power also. if you believe otherwise, I have a bridge to sell you.
The great error in the earlier period had been that whenever there was a little contraction there was a tendency to expand the money supply rapidly in order to avoid unemployment. That stop-and-go policy was really what bedeviled the Fed during the '60s and '70s. That was the situation in 1980, in '81 in particular. After Reagan came into office, the Fed did step on the money supply, did hold down its growth, and that did lead to a recession. At that point every other president would have immediately come in and tried to get the Federal Reserve to expand. Reagan knew what was happening. He understood very well that the only way he could get inflation down was by accepting a temporary recession, and he supported Volcker and did not try to intervene.
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Paul Volcker Slams 'Broken' Financial System, Banks, Regulators
