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Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 10 May 2012 [View all]DemReadingDU
(16,000 posts)54. Michael Hudson: Firing Alan Greenspan
http://vimeo.com/41897361
Transcript:
Prof Michael Hudson discusses Greenspan's reputation in his formative days on Wall St.
This is the transcript of an interview with Michael Hudson, discussing a 1966 incident:
MH: They increased it largely by having Alan Greenspan create the Greenspan Commission to look at social security and pushing the myth that social security had to be funded out of pre savings, so American labour was essentially taxed 11% between itself and the employers to pay social security and this vast increase in social security taxes was used to lend to the Government(US) to provide it with enough money to slash taxes on the rich and that was Greenspans ploy.
He was rewarded by being made head of the Federal Reserve for his actual hatred of labour and his desire that you had to reduce living standards in order to increase the profits of capital.
And so Greenspan was sort of the hack that was hired.
When I was on Wall Street, Greenspan was hired as part of a study I was doing on the balance of payments of the Oil Industry. And one day my boss, John Deaver came into my office and said he really worried about Greenspan being a part of this report because he was known as a hack that always gave his clients what they wanted instead of something actual.
So he (JD) gave me Greenspans figures on depreciation of oil producing refinery assets in Europe and asked me to find out where the faking is? He said he couldnt believe that Greenspan by himself wouldnt of just faked the figures and it took me about a week to figure out where the faking of the figures came out (from) and that was Greenspan had simply picked up depreciation rates relative to output for the United States and projected them onto Europe.
So I went over and talked to his assistant Lucille Woo and she said its all implicit, all implicit and I confronted her with it and she said Yes thats what we did!
And so, Greenspan was indeed talked off the study and we met John Deaver, David Rockefeller and myself and I was told Greenspan was such a little bastard that if they fired him, hed hold a grudge against Chase Manhattan for years and they told me to be the guy to give him the news that we couldnt use his (laughs) statistics on it and I was a 25 year old economist at the time and he hardly new me at all, so I was the guy that subsequently became known as the man who fired Alan Greenspan.
The video can also be found on these 2 links
http://jessescrossroadscafe.blogspot.com/2012/05/michael-hudson-firing-alan-greenspan.html
or
http://www.nakedcapitalism.com/2012/05/michael-hudson-on-greenspans-hackery.html
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