I wouldn't be so sure that Warsh is in a straight jacket.
Particularly given who and what is the real target should he and Bessent not accept the Hobson's choice, and pursue a different choice with a different outcome. An outcome that has far more impact against the machine that foisted Greenspan and countless other foot soldiers for the machine on us over the decades.
We will see of course, however I think there is something afoot the machine is truly terrified of actually happening as it exposes naked the wellspring from which all this has flowed. Were it to run it's course without interference, such as move may very well be the catalyst to the event ushering in a better and more transparent system.
The machine is dying. All that need happen is to get out of the way and let it die.
“And it’s the reason Boomers — and bankers — own everything while 40-something Millennials live in Mom’s basement.” And this derisive and divisive horseshit is why I no longer read your column.
Greenspan was a disaster. I dont comprehend why the economy needs to babysat all the time. Look at 1929 depression, it would have been less of a disaster if the government had not tried to help.
While I agree that Greenspan was no Maestro, I think you sell Warsh a bit short. after all, he has only been in the office for a month. seems a bit early to declare his tenure a failure. Let's see how it plays out
Thank you for this excellent summation (and explanation) of Greenspan’s tenure. It was so helpful for me as a lay person to read this! I lived through that era and was always disturbed by what emanated from his lips at press conferences in front of fawning media and financiers. The absolute consolidation of power that was outside Constitutional restraint was (and remains) horrifying. So thanks for explaining to me why I was so irate at his Fed at the time. Can we sell the tennis court to add a few dollars to the Treasury?
Central Bank credibility erodes as fast as they counterfeit currency.
Great article.
"The boom can last only as long as the credit expansion progresses at an ever-accelerated pace."
— Ludwig von Mises, Human Action
I wouldn't be so sure that Warsh is in a straight jacket.
Particularly given who and what is the real target should he and Bessent not accept the Hobson's choice, and pursue a different choice with a different outcome. An outcome that has far more impact against the machine that foisted Greenspan and countless other foot soldiers for the machine on us over the decades.
We will see of course, however I think there is something afoot the machine is truly terrified of actually happening as it exposes naked the wellspring from which all this has flowed. Were it to run it's course without interference, such as move may very well be the catalyst to the event ushering in a better and more transparent system.
The machine is dying. All that need happen is to get out of the way and let it die.
Someday soon, the Fed will be the one in need of a bailout. Corruption never lasts forever.
“And it’s the reason Boomers — and bankers — own everything while 40-something Millennials live in Mom’s basement.” And this derisive and divisive horseshit is why I no longer read your column.
Greenspan was a disaster. I dont comprehend why the economy needs to babysat all the time. Look at 1929 depression, it would have been less of a disaster if the government had not tried to help.
While I agree that Greenspan was no Maestro, I think you sell Warsh a bit short. after all, he has only been in the office for a month. seems a bit early to declare his tenure a failure. Let's see how it plays out
Thank you for this excellent summation (and explanation) of Greenspan’s tenure. It was so helpful for me as a lay person to read this! I lived through that era and was always disturbed by what emanated from his lips at press conferences in front of fawning media and financiers. The absolute consolidation of power that was outside Constitutional restraint was (and remains) horrifying. So thanks for explaining to me why I was so irate at his Fed at the time. Can we sell the tennis court to add a few dollars to the Treasury?