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  • From: "Wendy" <crazygardens AT verizon.net>
  • To: <homestead AT lists.ibiblio.org>
  • Subject: Re: [Homestead] What some of it means
  • Date: Tue, 25 Sep 2007 22:40:42 -0500

Gene,
Does Greenspan give any explanation as to what happened during the Carter administration? I have yet to see a good explanation that would cause the sudden double-digit inflation and excessive hike in the prime.

Wendy



He was most frustrated by politicians. He admired Ford for many
qualities. He feels Clinton was most true to pursuing policies that
were best for the country. He was frustrated by Bush II who insisted
on fulfilling campaign promises though the Fed found them bad for the
country.

It is giving me a more balanced perspective on the national economy
and how it works. Economics was largely inscrutable to me. Happily,
in his writing, Greenspan drops the Fed Speak.

As for how much power he had, I think it is an indication of his
qualities that presidents of both parties gave him the job.

He found the media perception of him pretty silly. He notes the
"briefcase indicator" where CNBC cameras followed him and showed
whether his briefcase was slim or bulging as an indicator of whether
the Fed was calm and untroubled or burning the midnight oil and a
rate hike was imminent. "For the record, the briefcase indicator was
not accurate. The fatness of my briefcase was solely a function of
whether I had packed my lunch." (page 198)






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