1) The biggest error in economics is the assumption that the economy is the result of collective decision-making by a large mass of people. But as Pareto pointed out, a small number of people own most of the wealth, receive most of the income, and have most of the power. Those are the people you [...]
December 15, 2008 “ICH” — - As the printing presses for the bailouts run at full speed, those in power are no longer even pretending that the new giveaways will fix our problems. Now that we are used to rewarding failure with taxpayer-funded bailouts, we are being told that this is “just a start,” more [...]
Steve Watson,
Infowars.net, Friday, Oct 24, 2008
Texas Congressman Ron Paul has blasted former Federal Reserve chairman Alan Greenspan, calling him “intellectually arrogant” after he blamed free market capitalism for the current financial crisis and diverted questions away from his own actions.
“I think he’s trying to save his place in history but I don’t think [...]
NEW YORK (Dow Jones)–Unprecedented events in financial markets have left
economists uncertain whether a continued bloodbath in the stock market would
drive the Federal Reserve toward an emergency rate cut.
Some leading economists had already thought the Fed would opt for emergency
action after Friday’s dismal report on hiring in September. Those expectations
were renewed Monday amid a massive route [...]
By Philip Aldrick, Banking Editor
Last Updated: 1:03pm BST 15/09/2008
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Any bank harbouring hopes of an end to the credit crunch had a rude awakening today.
Former Federal Reserve chairman Alan Greenspan expects more banks to sale
Greenspan: More banks will fail
Lehman Brothers’ bankruptcy has dealt the money markets another crippling blow, incapacitating them for [...]
Greenspan: ‘I Suspect’ More Financial Institutions Will Fail
Last Update: 9/14/2008 11:11:12 AM
DOW JONES NEWSWIRES
Noting that the mortgage crisis hitting the U.S. is “probably once in a century
type of event,” former Federal Reserve Chairman Alan Greenspan said Sunday he
suspects more major financial institutions will fail.
Greenspan, appearing in an ABC television network interview, was asked if we [...]
It was a matter of public record in January 1995, when the Federal Reserve’s general counsel, J. Virgil Mattingly, told the Federal Open Market Committee, according to the committee’s minutes, that the U.S. Treasury Department’s Exchange Stabilization Fund had undertaken “gold swaps.” Those minutes are still posted at the Fed’s Internet site:
www.federalreserve.gov……
It was [...]
LONDON (MarketWatch) - U.S. stock futures edged higher on Wednesday after
inflation outside of food and energy didn’t rise as quickly as forecast, with
ex-Federal Reserve Chairman Alan Greenspan anticipating a housing market bottom
next year.
S&P 500 futures rose 4 points to 1,408.70 and Nasdaq 100 futures added 5.5 points
to 2,011.50. Dow industrial futures rose 30 points.
U.S. stocks [...]
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