What's an empire for, if not to exercise the prerogatives thereof. Think seigniorial rents, etc. It's this that give the "soft landing" talk the substance of reality.
-Brad Mayer Oakland, CA
At 09:46 PM 1/4/01 +0000, you wrote:
>>>[The FT's Lex column states:] Investors have every cause for short-term
>>>celebration, and shares
>>>duly soared on the news. But in the longer term, Alan Greenspan, Fed
>>>chairman, may not be doing anyone a favour. Working off the excesses
>>>of an overvalued stock market is a painful but necessary process -
>>>and one that arguably still had some way to run in the case of
>>>technology stocks. By showing investors he will rescue them come
>>>what may, he is encouraging excessive risk-taking and the formation
>>>of future bubbles. Investors should ask themselves whether in
>>>fostering such a classic moral hazard the Fed is really being their
>>>friend.
>>
>>Sadomonetarism lives!
>>
>>Doug
>
>Isn't the larger point that big money has boxed itself in and has no good
>alternatives at this point? U.S. capitalists have lived in a dream world
>from Reagan through Clinton and now face the curse of answered prayers.
>They wanted to recreate the laisser-faire paradise of a century ago and
>were remarkably successful, virtually guaranteeing a resurgence of the
>manic-depressive, boom-bust intensity of classic capitalism, guaranteeing
>agony and waste all around.
>
>Carl
>
>
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