tag:blogger.com,1999:blog-6276561747841568697.post8549858806074273693..comments2024-03-27T05:23:48.855-04:00Comments on Krugman-in-Wonderland: Joseph Salerno on Bernanke's Asset BubblesWilliam L. Andersonhttp://www.blogger.com/profile/01802990642236807359noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-6276561747841568697.post-51716805070154371242013-03-05T16:04:50.116-05:002013-03-05T16:04:50.116-05:00Thanks for posting that, Todd.
I've been kind...Thanks for posting that, Todd.<br /><br />I've been kind of taking it easy this week as my day job takes over. That and four teenagers in the house.William L. Andersonhttps://www.blogger.com/profile/01802990642236807359noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-64142133960671670962013-03-05T08:53:56.913-05:002013-03-05T08:53:56.913-05:00I think readers of this blog would like John Hussm...I think readers of this blog would like John Hussman's weekly comment this week. Hussman is left of center, but he discusses a key concept that Keynes wrote about; speaking of which, can someone post WHY Keynes believed the amount of investment is fixed? It's about a 15 minute read, but I think you'll find it worth your time (and Hussman is no fan of Bernanke). Full disclosure: I own a little of one of his funds.<br /><br />http://www.hussmanfunds.com/wmc/wmc130304.htmTodd S.noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-13815633921743324612013-03-02T09:37:13.625-05:002013-03-02T09:37:13.625-05:00Agriculture in the US is light-years away from a f...Agriculture in the US is light-years away from a free market and USDA policy is more important to farming than rainfall, crop genetics or mechanization. As long as government subsidies and mandates exist, investments in cropland will appear to be wise. Until they're not. Then even more money will be enpixelated to sustain the US "family farm".Pulverized Conceptshttps://www.blogger.com/profile/14860274211446159849noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-42860182385432517002013-03-01T14:14:14.325-05:002013-03-01T14:14:14.325-05:00Well said, Mike!Well said, Mike!William L. Andersonhttps://www.blogger.com/profile/01802990642236807359noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-110831689055695752013-03-01T13:49:22.254-05:002013-03-01T13:49:22.254-05:00The Fed exists to preserve, protect and advance th...The Fed exists to preserve, protect and advance the interests of the bankers. Everything else is theatre.Mikenoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-60830704218096532612013-03-01T10:22:42.733-05:002013-03-01T10:22:42.733-05:00In 2002 Krugman said that,
"Alan Greenspan n...In 2002 Krugman said that,<br /><br />"Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble."<br /><br />http://www.nytimes.com/2002/08/02/opinion/dubya-s-double-dip.html<br /><br />In 2005, Krugman admitted that the Fed *had* created a housing bubble and that it wasn't surprising because...<br /><br />"After all, the Fed's ability to manage the economy mainly comes from its ability to create booms and busts in the housing market."<br /><br />http://www.nytimes.com/2005/05/27/opinion/27krugman.html<br /><br />But by 2010 Krugman completely changed his story and tried to absolve the Fed by saying...<br /><br />"These considerations suggest that it would be wrong to attribute the real estate bubble wholly, or even in large part, to misguided monetary policy."<br /><br />http://www.nybooks.com/articles/archives/2010/sep/30/slump-goes-why/?pagination=false<br /><br />Thanks to "Locus"<br /><br />http://krugman-in-wonderland.blogspot.com/2013/02/austrians-and-predicted-inflation-my.html?showComment=1361500866658#c7653364100136359202Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-11326444567257500732013-03-01T10:13:36.356-05:002013-03-01T10:13:36.356-05:00In 1977, Congress amended The Federal Reserve Act,...In 1977, Congress amended The Federal Reserve Act, stating the monetary policy objectives of the Federal Reserve as:<br /> <br /><i>"The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices and moderate long-term interest rates."</i><br /><br />http://www.chicagofed.org/webpages/publications/speeches/our_dual_mandate.cfm<br /><br />Money "growth" "commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices and moderate long-term interest rates" means that the Fed should do nothing ever. The "mandate" is actually a directive to do nothing ever.Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-88676384609687062842013-03-01T09:34:59.780-05:002013-03-01T09:34:59.780-05:00is it really Bernanke's fault. As long as he h...is it really Bernanke's fault. As long as he has to work to the "maximum employment" mandate rather than a "sound money" mandate, will he not have to keep rushing around stimulating this or stimulating that. <br /><br /> The maximum employment mandate is a political policy, it is a contrivance - not a required policy of running a banking system. For example - Here in the Uk the BoE does not have it.Dineronoreply@blogger.com