[lbo-talk] Krugman's Latest

[Doug Henwood]

Sure, but the overall thrust of the Greenspan years has not been 
tightness. He's presided over 2 1/2 speculative bubbles of historic 
proportions (the end of the 80s leveraging mania is the half; the 
full manias are the 90s stock bubble and the 00s housing  bubble).

And employment was growing quite rapidly in 93-94 - about twice the 
current rate (the equivalent of about 336,000 a month today, in 
contrast with the recent average of 168,000).

Doug

Max B. Sawicky wrote:


>There was a mini-uproar in 93-94 over Fed restraint.
>
>mbs
>
>>
>>
>>But Greenspan hasn't run a tight policy since the first few months 
>>of 1987. He let unemployment get very low in the mid-90s, and did 
>>everything he could to keep the economy from sinking in 2000-1. The 
>>reason, of course, was that the working class had already been 
>>defeated in the 1980s, so it didn't matter. But that's another 
>>story.
>>
>>Doug
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