Christopher Whalen Sat 2010-09-25 09:52 EDT

Double dip or global deflation?

Christopher Whalen

...Let's start with the term ``recession,'' which itself reflects the assumption that economic growth is always positive and the trend line is always upward sloping. While many economists in the U.S. remain convinced that this is an accurate descriptor, what Americans and many other people of the world need to consider is whether the assumption that the economy will grow endlessly is reasonable...much of what Americans think was real growth supported by real income and real work was, in fact, the result of deficit spending and reckless monetary expansion by the Fed, first under Alan Greenspan and now Ben Bernake...some of the leading experts in the housing sector believe that the U.S. is less than 25% through the restructuring of defaulted loans on commercial and residential real estate, and that the backlog is growing...Just as the housing sector and the related debt was the driver of the U.S. economy over the past several decades, I believe that the deflation of the housing market could spell an equally drastic period of shrinkage in economic activity in the U.S. and around the world...

Christopher Whalen; double dip; Global deflation.

New Deal 2.0 Thu 2010-07-22 15:54 EDT

The Summer(s) of Our Discontent

Marshall Auerback

Virtually every profile on Larry Summers tells us that he is one of the most brilliant economists of his generation...Only Robert Rubin and Alan Greenspan played a more important role than Summers in promoting the deregulation and lax oversight that laid the foundations for the current crisis...the latest FT defense reflects Summers's fundamental lack of understanding of modern money. Contrary to his view, the late 90s surpluses was not the reason for that period's prosperity. The surpluses are what ended the prosperity. And until the public understands this, we should expect no fundamental improvement in economic policymaking from the Obama Administration...he violates one of Abba Lerner's key laws of functional finance: a government's spending and borrowing should be conducted ``with an eye only to the results of these actions on the economy, and not to any established traditional doctrine about what is sound and what is unsound.'' In other words, Lerner believed that the very idea of what good fiscal policy means boils down to what results you can get -- not some arbitrary notion of ``fiscal sustainability''...The government budget surplus meant by identity that the private sector was running a deficit. Households and firms were going ever farther into debt, and they were losing their net wealth of government bonds. Growth was a product of a private debt bubble, which in turn fuelled a stock market and real estate bubble, the collapse of which has created the foundations for today's troubles...

0; discontent; new dealing 2; s; summer.

Tue 2010-03-09 18:09 EST

Fed Audit Bitterly Opposed By Treasury

Ryan Grim

The Treasury Department is vigorously opposed to a House-passed measure that would open the Federal Reserve to an audit by the Government Accountability Office (GAO), a senior Treasury official said Monday... "It's interesting that the Fed regards the simple fact that people find out what it does as somehow being unduly restrictive. We are a government of laws, not of men," [said Representative Alan Grayson]. "It's certainly no surprise that banking insiders at Treasury don't want transparency at the Fed," said Jesse Benton, a spokesman for Rep. Paul. "They are wrapped up in the central bank shenanagins too, and do not want their wheelings and dealings out in the open any more than Alan Greenspan or Ben Bernanke,"

Fed Audit Bitterly Opposed; Treasury.

The Full Feed from HuffingtonPost.com Tue 2009-10-27 11:21 EDT

George Goehl: A New Crossover Hit: "Break Up the Big Banks"

George Goehl

We've reached an incredible moment when Alan Greenspan, Michael Moore, FDIC head Sheila Bair and Elizabeth Warren are all singing the same tune. These four, and others, have formed a distinct choir that is calling for breaking up the big banks.

big banks; break; com; full Feeds; George Goehl; HuffingtonPost; New Crossover Hit.

zero hedge Fri 2009-10-23 19:30 EDT

A Stern Opponent Of Funding The FDIC's Depleted Deposit Insurance Fund, And Monetization Is... Alan Greenspan?

What a difference twenty years makes. The man whose actions basically lead to the eradication of the American middle class in its aspirational pursuit of buying massive SUVs, Prada bags, and 3rd investment properties, compliments of cheap credit, in order to appear ever so much like the upper class yet ultimately drowning itself in debt, Alan Greenspan, is probably the most critical reason why America's debt service will be nearly 90% of GDP within several decades. The adoption of his actions by the current deranged operator of the reserve currency printing press, is merely a continuation of a multiple decade long process of keeping inflation contained at the expense of devaluing the US currency, as the global liquidity pyramid recently hit one quadrillion, and continues to grow exponentially, yet...

Alan Greenspan; FDIC's Depleted Deposit Insurance Fund; funds; monetize; Stern Opponent; Zero Hedge.

Fri 2009-07-24 00:00 EDT

Jesse's Café Américain: The Cause of the Financial Crisis

Jesse's Café Américain: The Cause of the Financial Crisis -- James K. Galbraith; Jamie Galbraith leaves out political corruption and Alan Greenspan

caused; Financial Crisis; Jesse's Café Américain.

Sun 2008-06-29 00:00 EDT

Winter (Economic & Market) Watch >> eCONomIc SpLiT pErSonaLiTy and NeutEnron Bombs

Winter (Economic & Market) Watch >> eCONomIc SpLiT pErSonaLiTy and NeutEnron Bombs; "the Boyz looked at Enron as the model, spliced and diced it, and then calculated new and better scams under the guise of financial innovation (blessed by buffoons and sycophants like Alan Greenspan and Ben Beranake) and non-public markets (OTC and derivatives) in which to create even larger financial smoke and mirrors in which to loot."

economic; eCONomIc SpLiT pErSonaLiTy; Market; NeutEnron Bombs; watch; winter.

Wed 2007-09-19 00:00 EDT

The Lies of Alan Greenspan

by William Greider; "always spot reasons to stomp on the real economy of work and production, but was utterly blind to the destructive chaos in the financial system"

Alan Greenspan; lying.

Tue 2007-09-11 00:00 EDT

Hussman Funds - Why the Federal Reserve is Irrelevant

Alan Greenspan isn't the "Maestro." He's Oz. By John P. Hussman (2001-08);

Federal Reserve; Hussman Funds; irrelevant.