Fed Up

[Max B. Sawicky]

>>
No, Max, I don't think that Galbraith is the enemy. But his refusal 
to put "pejorative labels" (as he put it in the email I forwarded) on 
things confuses thi >>

As Nation editorials go I think the piece is excellent.
I think your reading is somewhat crabbed.

OTOH, I agree w/you and others that some of the comments
about Fed motivations re: favored and disfavored lines of
business are problematic.  DD:s post in this vein was
impressive.

The main point is that tight labor markets bring a
plethora of benefits and negligible or zero costs.
That's what people need to understand.  The forces
behind rate hikes are well-lambasted in the column,
if not with high precision.

BTW, Marta, when an anti-Fed resolution was being
discussed at the ADA convention a couple of weeks
ago, a reference to 4.2 UE was immediately qualified
by a fellow in the audience named Jack Scheinkman,
who cited ADA's long-standing publication of
uncounted unemployed persons.  So your reference
to "the liberals" was innaccurate.

There are good reasons to criticize liberals,
and some day I'm sure you (the list, not just
Marta) will stumble onto a few.

cheers,

mbs