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[–] 1Sorry_SOB 0 points 2 points 2 points (+2|-0) ago
Where was he the last 8 years? Fuck this guy.
[–] senpaithatignoresyou 0 points 1 point 1 point (+1|-0) ago
Greenspan is responsible for destroying social mobility. His idiotic belief that the business cycle can be ended nearly destroyed the economy. If he says it is bad, then it must be the greatest budget ever.
[–] OricaTonithos ago
So, this is the problem I have with listening to any former chairman of the Federal Reserve Bank:
The Federal Reserve Bank is a private institution with pseudo government authority to play a key role in the production of US currency (the US Mint does this, but by direction of the Fed). When the tax/spend cycle of funding the federal government comes up short, deficit spending prompts the creation of new currency through the Fed. Debt is created toward the Federal Reserve Bank and the US Government gets the first hands on the new currency (also causing inflation, which reduces the value of all US money). This system creates a "feed trough" that government and all its contractors and tag-alongs can benefit from before the public at large. It seems to work by "stimulating" near term growth...but with long term debt.
The national debt interest rate is also manipulated by the Fed to keep a political/economic balance going. If they were to charge an interest rate appropriate for a country that would be increasingly higher risk of default, it would blow minds and cause the public to buy pitchfork and light their torches. Most of our federal income tax (at many levels also hidden to us, as well) serves to pay this interest rate...it's really that bleak.
Tax and spend, more debt. Rinse and repeat. To not serve that status quo would cause a major upset and possibly create popular support of unmasking the true owners of our national debt and cause people to realize that that age old term "Robber-Barons" has modern day application.
Greenspan's opinion plays cover for this whole scheme.
[–] JivTurky ago
Given the choice of a Large Deficit doesn't sound much different that what we have now. I choose Deficit!
[–] derram ago
https://archive.is/8JunU | https://vgy.me/WKTLDt.png :
"Former Federal Reserve Chairman Alan Greenspan talks about President Trump's proposed tax and spending plans."
'The trouble, Greenspan said, is that Trump doesn’t seem willing to make the commensurate cuts in federal spending to offset his tax and defense plans. '
'Greenspan did have kind words for Trump’s steps to reduce and remove regulations throughout the economy. '
'Trump has said he intends to slash corporate and individual taxes in an effort to make the U.S. more competitive and boost economic growth. '
' That “has been very valuable” and has contributed to the strength of the stock market, he said. '
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