Good grief - you are truly about to get flamed... just a complete ignorance of how the Fed and inflation works...
I applaude you for coming back to this thread after the spanking you took from Major and his proof that he provided. If you provide some substance it will be worth it.
Actually, that's not how Fed increases money supply, it increases money supply by buying treasuries, not selling to public.
There will always be top 5% and bottom 5% in any system, and our system allows a lot more mobility than any other in the world. Not sure what are we complaining about.
this is great news. now we can repeal the idiotic tax cuts of yesteryear and finally attack the crippling federal deficit - as well as cutting spending by slashing trade-disrupting ag subsidies and pouring money down a black hole in iraq, then we can enjoy some real prosperity.
you're surely right, let me examine your support for this conjecture, which equals nothing. yup, you're right. Otherwise, it's accurate to say - in fact, it's undeniable - that not only does the US have the most inequal income distribution of any OECD nation, but social mobility between incom levels has been decreasing in recent years. http://www.economist.com/printedition/displayStory.cfm?Story_ID=4174181
That was Andymoon's point. He said the Fed hasn't shown a sign of constricting the money supply by selling treasuries to the public.
As Sam pointed out, we don't have more mobility than any other country in the world. And our upward mobility has been going down. That is the point. The poor and middle class haven't been moving up. They have been moving down. The wealthiest have been getting wealthier, but others haven't been.
I must disagree on we don't have more mobility than other country, because we do. I lived in Canada for a while, the opportunities to move up are much greater here in US.
The United States has the most free flow of labor and capital in the world. Those markets are incredibly integrated throughout our entire 50 states. To say otherwise is absurd. Mobility is there, folks. This class warfare is a pretty sad excuse by the liberals to distract attention away from the great news of a robust economy. I know that burns them up inside to hear that our country is doing well.... Especially when the Bush tax cuts had such a positive reaction on the economy. That truly burns 'em up, baby.
Of course the trend is that social mobility has been going down, and we have seen the statistics and proof to back that up. I think what burns people up is that the wealthiest 5% have gotten wealthier while the rest have seen a drop. You can make all the baseless attacks on liberals you wish, but it doesn't change the facts. Major and Glynch posted the facts, and anyone who wishes to can see them. To pretend like that is a good thing, is just silly.
Show me the data! The only data being presented in this thread supports the opposite viewpoint. I'm happy to believe you - just show me the data rather than juvenile whining and name-calling. "In god we trust - all others bring data." Maybe you could torture someone to find it?
At what cost this "robust economy"? http://money.cnn.com/2005/12/02/news/economy/fed_greenspan.reut/index.htm?cnn=yes Greenspan: Budget deficits pose risk Fed chairman says consequences could be severe if U.S. doesn't take action to alleviate problem. December 2, 2005: 11:39 AM EST Fed Chairman Alan Greenspan Fed Chairman Alan Greenspan Mobile Command and Communications Units AK Specialty Vehicles builds quality mobile command and communications units for... www.aksv.com Security Gate Operators by HySecurity HySecurity security gate operators provide access control for government... www.hysecurity.com SVM's in Use for Homeland Security Health Discovery Corporation's patented SVM's have already been applied to areas... www.healthdiscoverycorp.com Enterprise Air - Mobile Solutions Enterprise Air builds homeland security and physical security solutions for... www.enterpriseair.com WASHINGTON (Reuters) - Good short-term prospects for the economy shouldn't distract from huge looming fiscal strains that pose "significant" economic risks, Federal Reserve Chairman Alan Greenspan said Friday in a renewed warning on budget deficits. The departing central bank chief said while spending on defense and homeland security will not stay at the current pace forever, "our budget position will substantially worsen in the coming years unless major deficit-reducing actions are taken." "In the end, the consequences for the U.S. economy of doing nothing could be severe," the Fed chief warned in remarks prepared for delivery to a Federal Reserve Bank of Philadelphia conference. Greenspan urged reinstatement of congressional rules on budget restraint, but said these alone would not be enough to bridge gaps in health and retirement programs expected as the baby boom generation retires. Nor was it advisable to fix things using taxes alone. "Tax increases of sufficient dimension to deal with our looming fiscal problems arguably pose significant risks to economic growth and the revenue base," he said, reiterating his conviction that the government should seek to "close the fiscal gap primarily, if not wholly, from the outlay side." While Greenspan has never shied from weighing in with comments about the fiscal side of policy, his heir apparent Ben Bernanke said last month he would refrain from making specific recommendations on tax and spending policies. Bernanke, asked during his Senate Banking Committee confirmation hearing about his opinion of "pay-as-you-go" budget rules, said the question was beyond his authority. Nominated by Bush in October to lead the Fed, Bernanke won the Senate Banking Committee's nod and awaits confirmation from the full Senate. Greenspan steps down as chairman on Jan. 31. Greenspan -- whose remarks to Friday's Fed conference were pre-recorded as he is in London for a G7 meeting -- said economic activity is expanding "at a reasonably good pace" into 2006 despite disruptions from hurricanes that battered the southern United States in a record storm season. He warned, however, that "this period of relative stability will soon end" as demographic pressures take hold. "I fear that we may have already committed more physical resources to the baby boom generation in its retirement years than our economy has the capacity to deliver," he said, adding changes to Social Security and other programs "should be made sooner rather than later" to ease disruption. Raising the national saving rate is also an important stop to meet retirees' needs "without unduly curbing the standard of living of our working age population," he said. While in London on Friday, Greenspan said a "pernicious drift" toward unstable budgets and trade protectionism risks a painful unwinding of world financial imbalances and must be checked. "If ... the pernicious drift toward fiscal instability in the United States and elsewhere is not arrested and is compounded by a protectionist reversal of globalization, the adjustment process could be quite painful for the world economy," he said in remarks prepared for delivery to a conference
Why are some posters upset that this is being debated? It was placed in the D&D for a reason I assume.
I think it's the nature of the debate. If bigtexxx posted that it was a beautiful day....there'd by five posts describing the farmers who needed rain, how awful the previous week had been, and links to the weather forcast that clearly showed the experts agreed the weather would deteriorate. This would quicky be followed by accusations of bush-hating, pictures of Katrina, links to move-on.com articles on global warming and Bush's environmental record, a picture of John Kerry in an SUV, and commentary on France's nuclear programs and current riots.
Yes, and by buying securities from the Treasury, it has the same net effect of printing money. You obviously did not read my post, answer again when you have.
I note that you are not the one who did the "flam[ing]" so who exactly is the one who is "ignoran[t] of how the Fed and inflation works"?
Ah, the mighty ipse dixit assertion,the sword and shield of conservative pretendeconomists everywhere.
Oh that's mature. It's funny how people like to bring this up now, as if it's a new thing in the world. Like no other country uses torture as a means of getting what they want.
