Greenspan's credibility is starting to approach that of DUBYA, THE
LAME DUCK!
Dr Sunshine sees an improving economy, even while our COMBINED
DEFICITS EXCEED ONE TRILLION PER YEAR!
And the JOBS FAMINE, in the face of 8% growth two quarters ago,
was,...well, IT'S JUST THE PRODUCTIVITY TALKING!
THE PROBLEM IS THAT COMPANIES DON'T NEED TO HIRE VERY MANY PEOPLE
JUST TO UNPACK THE BOXES THAT ARE COMING IN FROM CHINA!
ASIA IS BASICALLY SAYING TO THE US:
ANYTHING YOU CAN DO, WE CAN DO CHEAPER, FASTER, SMARTER AND BETTER!
Americans have never been the smartest and hardest working people in
the world;
BUT, WE HAVE HAD THAT OTHER IMPORTANT THING GOING FOR US:
LOCATION! LOCATION! LOCATION!
If free trade is truly taking the location advantage away?
Well, The End is probably nearer than many think.
(But perhaps, International Capital doesn't have to care about that little "technicality" anymore.)
Greenspan is SO, TWENTITH CENTURY in his thinking. We really need
someone who can think out into the middle of the 21st Century!
BECAUSE, THAT IS THE ONLY "CONSIDERABLE PERIOD" THAT REALLY MATTERS.
FORGET THE NEXT QUARTER, THE NEXT YEAR, THE NEXT ELECTION CYCLE!
GREENSPAN WOULD DO US ALL A FAVOR IF HE WOULD JUST QUIT, YOU KNOW, A
LITTLE TIME OFF TO SMELL THE ROSES.
AND I WOULD HOPE THAT PRESIDENT KERRY WOULD, AT LEAST PRIVATELY, ASK
MR GREENSPAN TO "RETIRE" AFTER JANUARY 2005.
BECAUSE, IT'S TIME FOR SOME "NEW THINKING" ABOUT WHERE THE US ECONOMY
IS HEADING.
http://www.federalreserve.gov/boarddocs/hh/2004/february/testimony.htm
