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Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 2 February 2012 [View all]Demeter
(85,373 posts)12. Michael Hudson: The Man Who Fired Greenspan
http://www.nakedcapitalism.com/2012/01/michael-hudson-the-man-who-fired-greenspan.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29
This is the transcript of an interview with Michael Hudson in an Australian film, 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.
This is the transcript of an interview with Michael Hudson in an Australian film, 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.
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We watched that last night. Our littlest one made a "pop-up" groundhog in school yesterday
Roland99
Feb 2012
#31
Not to mention the fact that its "product" is useless, pointless, and can be harmful
Demeter
Feb 2012
#21
Affinity fraud; Fleecing the flock: The big business of swindling people who trust you
Demeter
Feb 2012
#10
Yet More Mortgage Settlement Lies: Release Looks Broad, Not Narrow; Other States Screwed to Bribe CA
Demeter
Feb 2012
#13
Holder & Obama’s Propaganda “Belied by a Troublesome Little Thing Called Facts” By William K. Black
Demeter
Feb 2012
#14
Attorney General Champs, Chumps, and Eric Schneiderman By Abigail Caplovitz Field
Demeter
Feb 2012
#18
But, just think of how hard it is to raise a billion bucks in campaign contributions!
Fuddnik
Feb 2012
#20
Oil down 1% to $96.61/bbl. Gas prices here about $0.25 shy last summer's highs.
Roland99
Feb 2012
#33
Actually OBama is much like FDR, FDR had one advantage, a HUGE Democratic majority in Congress
happyslug
Feb 2012
#57
Obama's Democratic Congress was no where near as left wing as the Congresses of the 1930s
happyslug
Feb 2012
#59