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Originally Posted by Goldenboy219 Inventory cycle is in many cases a thing of the past. In 13 short years, the entire economy the the world, and the ability to obtain knowledge have completely transformed the way people do business, and the very concept of which knowledge is presented. |
Quite true. And thats exactly why I pointed out that "
they haven't been in evidence for a number of years due to advances in management techniques." But they
were a characteristic of of the business cycle for many years. The Fed responded to them with monetary policy changes that had nothing to do with problems at the large banks, which, if I understood your point, you didn't think the Fed had ever done. In fact, previous tightening episodes were pretty hard on bank earnings. If I misunderstood your point, then apologies and lets move on.
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Originally Posted by Goldenboy219 The way people invest, and spend money is nothing like it was even 6 1/2 years ago. Soon enough, the 2nd wave economy in which current economic, financial, and polical ideology are based upon, will concede to the 3rd wave, known as the Knowledge Based Economy... |
No argument there. Don't know about you, but I haven't carried a checkbook in several years.
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Originally Posted by Goldenboy219 A single government entity making the most important economic decisions is counter productive to a free trading society. You seem to favor it, it is what it is...
We just have different beliefs. I believe it is up to the free market to dictate economic growth, employment, and prices. Again; it is what it is... |
Whether monetary policy constitutes the single "most important economic decisions" is arguable. Such a view excludes the role of fiscal policy, which is simply nonsensical.
Moreover, the Fed was created by legislation, but it isn't actually a government entity--ok, so thats probably splitting hairs a bit. As a "creature of congress," the Fed Chairman does report to Congress twice yearly, one of which was today. There is actually congressional oversight of Fed activities. The Fed takes its mandate from Congress.
Favoring or not favoring hasn't factored into a single post of mine. My only objective has been to fill in some obvious gaps in your knowledge and experience by describing how the world works today and how it has worked in the past. As you say, it is what it is, so that is what we have to live with today. Now if you want to change the terms of the discussion to only criticisms of the way things are today, we can have that discussion, too. But lets not mix up the two.
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Originally Posted by Goldenboy219 The key is, try not to be so biased. |
Please point out to me where I have been biased. I truly do not have a clue as to what you are referring to.
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Originally Posted by Goldenboy219 Just dont expect me to be a Friedman bitch boy like yourself. |
Is there a point to that comment, or is it really what it appears to be: just sophomoric drivel?