Economists don't share Fed's outlook

Analysts say Alan Greenspan may be trying to talk up the economy ahead of the Novermber presidential elections and the figures do not back him up

AFP , WASHINGTON
Monday, Sep 13, 2004,Page 12

The upbeat outlook from US Federal Reserve Chairman Alan Greenspan has failed to convince many economists, who argue that the US is likely to see tepid growth at best in the near future.

Greenspan on Wednesday said the economy appears to be weathering a slowdown related to the steep rise in oil prices, arguing that the expansion "has regained some traction."

But some experts say Greenspan may be putting the best possible spin on an economy that is just muddling through.

Lehman Brothers chief US economist Ethan Harris said Greenspan is "trying to talk up the economy" and signal that the economy is strong enough to sustain the expected quarter-point interest rate boost at the Fed's Sept. 21 meeting.

http://www.taipeitimes.com/News/worldbiz/archives/2004/09/13/2003202764

http://www.saintaardvarkthecarpeted.com/ayn_rand/

Does Greenspan still adhere to her "philosophy?"

He seems to live a life she would have disdained.

............

...has always been a toad. The whole time he's been saying how rosey the economy is and the whole time other economists have been baffled at where he's getting the information from. He's just another Rove tool.

Didn't Bush just give him a good job?

They prefer to talk up the economy in an effort to keep bush in power.

After all, as Big Dick pointed out last week, there's lots and lots of people selling stuff on eBay, an indicator of a muscular and growing economy if I ever saw one.

in my neck of the woods.

but when I heard Greenspan on the radio, I immediately thought, "What fucking planet is this guy on?"

I'm glad to have my initial reaction validated.

Not only some economists with the spine to state what the data actually say, but a news report that gives it coverage.

One-third of the economics community in this country disputes the notion that there is a recovery, that there is sustainable growth, and that the joblessness is a mystery. The data clearly explains the opposite of all three of those views, and that's without any complicated weighting or exotic multidimensional curve fitting.

In any economics journal, you will find at least 1 in 3 papers that describe what is wrong with the current reports. Half of the other third are highly theoretical and not in dispute. In professional and academic economic circles, the fraction of those who see roses in this economy is probably only about 25%. Why those are the only folks quoted in most papers is the mystery i can't explain.
The Professor

In, uhm, Taiwan. Oh well.

I'm always looking to make public sanity in the midst of spin...

It is very strange, Paul Samuelson was pretended to be the
1st economist who dissents on the free trade mantra (outsourcing
is good for America), yet Ralph Gomory wrote an excellent
text showing that the free trade model is not just a "win-win"
and in fact was not good for precisely the situation America
is in right now...

We need to get these experts front and center and get their
work out there and covered for laymen by the press
(as if that's completely even possible), but do the best we can.

Alan Greenspan needs to retire.His constant interest rate hikes in the late 1990's destroyed the stock market.Mr.Andrea Mitchell did not like the "irrational exuberance" which he thought hit the market.They cut interest rates to 1% and the economy still sucks.

He has done nothing but support the GOPers as long as he has had the job! He tried every way in the world to gut Clinton's booming economy! He will try and destroy social security if Bush wins! They want to invest your social security in the stock market, so people like Kenny Boy, the Bush Brothers and Cheney can steal that too!

EDIT} The man is a snake!

Which is why I was so angry when Clinton re-nominated him. Still don't understand that.