LMP737
Posts: 5900
Joined: Wed May 08, 2002 4:06 pm

Re: Basic Understanding of some Economic Principles

Thu Jun 20, 2019 3:33 pm

MSPNWA wrote:

Are you naive enough to believe that it will all go to hell if a private entity didn't control the money supply? If you're seriously asking what the "market" is, then I suspect the answer is yes.

Are you naive enough to believe that everything will be sunshine and lollipops if a private entity controlled the money supply?
Never take financial advice from co-workers.
 
seb146
Posts: 19988
Joined: Wed Dec 01, 1999 7:19 am

Re: Basic Understanding of some Economic Principles

Thu Jun 20, 2019 4:31 pm

THS214 wrote:
aviationaware wrote:
LMP737 wrote:
Say you abolish the Fed, then what? Who fills the role they play?


The market of course.


Former Fed chairman Alan Greenspan had that same thought before market collapse 10 years ago. Then he changed his view at least partially.

https://www.nytimes.com/2008/10/24/busi ... panel.html

Mr. Waxman noted that the Fed chairman had been one of the nation’s leading voices for deregulation, displaying past statements in which Mr. Greenspan had argued that government regulators were no better than markets at imposing discipline.

“Were you wrong?” Mr. Waxman asked.

“Partially,” the former Fed chairman reluctantly answered, before trying to parse his concession as thinly as possible.


Economics is not a black-and-white, yes-or-no, one size fits all answer. Deregulation only partly works. Propping up "too big to fail" companies only partly works. There are a million shades of grey.
You bet I'm pumped!!! I just had a green tea!!!
 
THS214
Posts: 163
Joined: Thu Jul 27, 2017 4:01 pm

Re: Basic Understanding of some Economic Principles

Thu Jun 20, 2019 4:43 pm

seb146 wrote:
THS214 wrote:
aviationaware wrote:

The market of course.


Former Fed chairman Alan Greenspan had that same thought before market collapse 10 years ago. Then he changed his view at least partially.

https://www.nytimes.com/2008/10/24/busi ... panel.html

Mr. Waxman noted that the Fed chairman had been one of the nation’s leading voices for deregulation, displaying past statements in which Mr. Greenspan had argued that government regulators were no better than markets at imposing discipline.

“Were you wrong?” Mr. Waxman asked.

“Partially,” the former Fed chairman reluctantly answered, before trying to parse his concession as thinly as possible.


Economics is not a black-and-white, yes-or-no, one size fits all answer. Deregulation only partly works. Propping up "too big to fail" companies only partly works. There are a million shades of grey.


I agree, except partly :) as it can be anything from 1-99%.

I just wanted to show OP that advocate of free market changed his view when proven wrong.

In a bigger picture, seb146, I think we mostly agree.

Economics can never be fully right because time makes changes.

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