Harry Guerrilla
DP Veteran
- Joined
- Dec 18, 2008
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- Libertarian
Who is pursuing inflationary monitary policy?
The Federal Reserve.
Who is pursuing inflationary monitary policy?
The Federal Reserve.
Well.. the federal reserve is a private institution as we both know and is not subject to the state powers of regulation. Outside of that sphere of influence is out of your control.. otherwise it is under private fiduciary duty and unregulated. Your argument is unresolved. But I would love for you to indicate to me just what policy it is you claim is that causes all this systemic inflation in labour cost? Are you confused about something?
Uhh no again, they are not outside the powers of regulation and oversight.
Not only that but they are a government granted monopoly over legal tender.
If you don't believe so, go out and try to start circulating your own money.
See what happens.
You are mistaken..
I don't care what Greenspan says.
The legislative branch can, at anytime, redefine the role of the Federal Reserve.
To blame Austrians for the current economic situation is ridiculous.
They are not subect to a federal audit for what reason?
They are not subect to a federal audit for what reason?
EDIT: methodological individualism or self regulation .. or deregulation however you like is an Austrian understanding for self governance. Which is exactly what the money managers were subject to in terms of regulatory forces.
They do their own internal audits.
That is the way they were formed, so that regular politics wouldn't interfere with their actions.
But as I said, the legislative branch can do anything they want with the Fed.
Case in point.
Sweeping Support for Federal Reserve Audit Means Likely Senate Pass | ChattahBox News Blog
And those people are appointed by the President.
Well at least from here on out your just making juvenile semantic arguments.
Not at all, you said they were a private entity, which is false.
You said they were self regulated, which also not entirely true.
The fact is that no Austrian would design and operate a system like ours.
It creates to many inequalities that otherwise wouldn't naturally exist.
Do you really believe happy meal toys being made in the US is a positive for current and future growth outlooks?
I can assure you Goldman Sachs employees are not appointed by the government.. err unless your are talking about the market being the government. You are confused.. significantly.
White House officials yesterday released their personal financial disclosure forms, and included in the millions of dollars which top Obama economics adviser Larry Summers made from Wall Street in 2008 is this detail:
Lawrence H. Summers, one of President Obama's top economic advisers, collected roughly $5.2 million in compensation from hedge fund D.E. Shaw over the past year and was paid more than $2.7 million in speaking fees by several troubled Wall Street firms and other organizations. . . .
Financial institutions including JP Morgan Chase, Citigroup, Goldman Sachs, Lehman Brothers and Merrill Lynch paid Summers for speaking appearances in 2008. Fees ranged from $45,000 for a Nov. 12 Merrill Lynch appearance to $135,000 for an April 16 visit to Goldman Sachs, according to his disclosure form.
That's $135,000 paid by Goldman Sachs to Summers -- for a one-day visit. And the payment was made at a time -- in April, 2008 -- when everyone assumed that the next President would either be Barack Obama or Hillary Clinton and that Larry Summers would therefore become exactly what he now is: the most influential financial official in the U.S. Government (and the $45,000 Merrill Lynch payment came 8 days after Obama's election). Goldman would not be able to make a one-day $135,000 payment to Summers now that he is Obama's top economics adviser, but doing so a few months beforehand was obviously something about which neither parties felt any compunction. It's basically an advanced bribe. And it's paying off in spades. And none of it seemed to bother Obama in the slightest when he first strongly considered naming Summers as Treasury Secretary and then named him his top economics adviser instead (thereby avoiding the need for Senate confirmation), knowing that Summers would exert great influence in determining who benefited from the government's response to the financial crisis.
Last night, former Reagan-era S&L regulator and current University of Missouri Professor Bill Black was on Bill Moyers' Journal and detailed the magnitude of what he called the on-going massive fraud, the role Tim Geithner played in it before being promoted to Treasury Secretary (where he continues to abet it), and -- most amazingly of all -- the crusade led by Alan Greenspan, former Goldman CEO Robert Rubin (Geithner's mentor) and Larry Summers in the late 1990s to block the efforts of top regulators (especially Brooksley Born, head of the Commodities Futures Trading Commission) to regulate the exact financial derivatives market that became the principal cause of the global financial crisis. To get a sense for how deep and massive is the on-going fraud and the key role played in it by key Obama officials, I highly recommend watching that Black interview (it can be seen here and the transcript is here).
A CBS News analysis of the revolving door between Goldman and government reveals at least four dozen former employees, lobbyists or advisers at the highest reaches of power both in Washington and around the world.
The Influence and Power of Goldman Sachs
For example, former Treasury Secretary Henry Paulson is a former Goldman CEO; Arthur Levitt, the head of the Securities and Exchange Commission is a now a Goldman adviser; and former House Majority Leader Dick Gephardt is now a paid lobbyist for the firm.
Our alphabetical list:
Joshua Bolten
Government: President George W. Bush's Chief of Staff from 2006-2009; Director of Office of Management and Budget from 2003-2006; White House Deputy Chief of Staff from January 20, 2001 - June 2003.
Goldman: Executive Director of Legal Affairs for Goldman based in London aka the bank's chief lobbyist to the EU from 1994-1999.
Kenneth D. Brody
Government: President and Chairman of the Export-Import Bank of the United States (1993-1996).
Goldman: Former general partner and member of the Management Committee at Goldman Sachs where he worked from 1971-1991.
Kathleen Brown
Government: Former California State Treasurer
Goldman: Senior Advisor responsible for Public Finance, Western Region.
Mark Carney
Government: Governor of the Bank of Canada since 2008.
Goldman: Mr. Carney had a thirteen-year career with Goldman Sachs in its London, Tokyo, New York, and Toronto offices. His progressively senior positions included Co-Head of Sovereign Risk; Executive Director, Emerging Debt Capital Markets; and Managing Director, Investment Banking. He stated at Goldman in 1995.
Robert Cogorno
Government: Former Gephardt aide and one-time floor director for Steny Hoyer (D-MD.), the No. 2 House Democrat.
Goldman: Works for [Steve] Elmendorf Strategies, which lobbies for Goldman.
Kenneth Connolly
Government: Staff Director of the Senate Environment & Public Works Committee 2001-2006.
Goldman: Vice President at Goldman from June 2008 - present.
E. Gerald Corrigan
Government: President of the New York Fed from 1985 to 1993.
Goldman: Joined Goldman Sachs in 1994 and currently is a partner and managing director; he was also appointed chairman of GS Bank USA, the firm's holding company, in September 2008.
Jon Corzine
Government: Governor of New Jersey from 2006-2010; U.S. Senator from 2001-2006 where he served on the Banking and Budget Committees.
Goldman: Former Goldman CEO. Worked at Goldman from 1975-1998.
Gavyn Davies
Government: Former chairman of the BBC from 2001 -2004.
Goldman: Chief Economist at Goldman where he worked from 1986-2001.
Paul Dighton
Government: Chief executive of the London Operating Committee of the Olympic Games (LOCOG).
Goldman: Former COO of Goldman where he worked for 22 years beginning in 1983.
Mario Draghi
Government: Head [Governor] of the Bank of Italy since January 2006.
Goldman: Vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee from 2002-2005.
William Dudley
Government: President Federal Reserve Bank of New York City (2009-present)
Goldman: Partner and Managing Director. Worked at Goldman from 1986-2007.
Steven Elmendorf
Government: Senior Advisor to then-House minority Leader Richard Gephardt.
Goldman: Now runs his own lobbying firm, where Goldman is one of his clients.
Dina Farrell
Government: Deputy Director, National Economic Council, Obama Administration since January 2009.
Goldman: Financial Analyst at Goldman Sachs from 1987-1989.
Edward C. Forst
Government: Advisor to Treasury Secretary, Henry Paulson in 2008.
Goldman: Former Global Head of the Investment Management Division at Goldman where he worked from 1994-2008.
Randall M. Fort
..............
Government: Treasury Department Chief of Staff since February 2009.
Goldman: Lobbyist for Goldman Sachs from 2003-2008.
Henry "Hank" Paulson
............
Government: Former SEC commissioner from 1990 to 1995.
Goldman: Now working as a principal at RR&G LLC, which was hired by Goldman to lobby on TARP.
Robert Rubin
Government: Treasury Secretary from 1995-1999; Chairman of the National Economic Council from 1993-1995.
Goldman: Former Co-Chairman at Goldman Sachs where he worked from 1966-1992.
John Thain
Government: CEO President of NYSE (2004-07)
Conservative.
It's the free market policies that have out sourced our jobs overseas. Go in to any store, pick up any item and it more than likely it's made in Communist China.
Amazing.
Companies in the United States face punitive taxation, ridiculous and absurd pointless regulations, threats of lawsuits for no real reason at all, absurd labor laws, minimum wage laws, racial quotas, inteference from every direction, ...
...and some want to pretend the US has a free market that 's failing to explain why the industries in the US are collapsing....
....and they promote this pretense so that even more taxes, more regulations, more controls can be placed on businesses...
Then they wonder why the US economy is collapsing.
Other then the lawsuits, the US is generally less regulated, have lower taxes, a lower min wage and less interference then any other developed country in the world, yet the US is failing because it has to much of the above?
Yep.
Just think how good things would be if the damn government got out of the way and let people have the freedom their Constitution says they're supposed to have.
BTW, there's a reason why the US has more lawyers per capita than any other nation....because we're over regulated. If we didn't have the excessive regulations, we would have the excessive lawyers.
Fear of lawyers does more to shut down innovation than anything else.
Companies in the United States face punitive taxation, ridiculous and absurd pointless regulations, threats of lawsuits for no real reason at all, absurd labor laws, minimum wage laws, racial quotas, inteference from every direction, ...
And yet somehow they seem to be able to come up with the funds to pay their executives three, four, or five-hundred-plus times what they pay their average workers, whose wages seem to be stuck in a time warp.
And yet somehow they seem to be able to come up with the funds to pay their executives three, four, or five-hundred-plus times what they pay their average workers, whose wages seem to be stuck in a time warp.