B' bye, Big Guy....

[Mark Kohut]

Kuttner is very good.

https://prospect.org/economy/paul-volcker-without-tears/

On Wed, Dec 11, 2019 at 6:26 PM Gary Webb <gwebb8686 at gmail.com> wrote:

> I’m digging the thread on Volcker. I submit two very different obits, each
> in their way address issues brought up by esteemed p-listers:
>
>
> https://jacobinmag.com/2019/12/paul-adolph-volcker-obituary-federal-reserve-chair
>
>
>
> https://www.washingtonpost.com/opinions/paul-volcker-was-the-savior-our-economy-needed/2019/12/09/8f660482-1a91-11ea-8d58-5ac3600967a1_story.html
>
>
> I don’t think economists and historians pay enough attention to the 1970s.
> Inflation, started during the Vietnam War, went into hyperdrive after the
> Nixon Shock and Arab Oil Embargo... also, for reasons that are still
> perplexing, the GDP(if GDP as a metric tells us anything, open ended
> question) of the US which had been trending up year to year since end of
> WWII abruptly stopped. Enter the Bankers. Their story also coincides with
> the development of the personal computer industry...Over time,
> consolidation in the financial industry coincides with consolidation in
> tech.
>
> It’s interesting too that you get GR in 1973. It was a high water mark for
> American cinema, due to the implosion of the major studios. You also have
> Star Wars in 1977.
>
> You also have the birth of two of the most enduring and adaptable art
> forms ever created in popular music, Punk and Rap/Hip-Hop as well as the
> death of Elvis...
>
>
> Sent from my iPhone
>
> > On Dec 11, 2019, at 1:06 PM, ish mailian <ishmailian at gmail.com> wrote:
> >
> > Not sure who the Man who pushes credit is, but I assume that he is
> > pushing credit on the People, um, so I guess the credit push is so
> > they can buy houses and fill them with stuff. Maybe the People Pull
> > the credit too. Maybe there's a push and a pull. Maybe interest rates,
> > real and nominal, and expectations about the real rate or inflation
> > can get more pushing or pulling or both. Maybe not. Maybe we will find
> > out after the UST 10 year goes negative if it ever does. I don't know,
> > though I've spent decades, since Volcker, convinced that what happened
> > would happen, to interest rates and inflation, and so I was "right"
> > about this, and, even when the crisis hit and smart people were
> > dumping the dollar and buying gold, I was right, but now I know I was
> > not right for any real or rational or mathematical or economic or
> > financial reason, none I can moor my yacht to anyway. Better lucky
> > than good or right. Humbling? Not really. Not anymore. Today I worship
> > the hammer.
> >
> >> On Mon, Dec 9, 2019 at 3:15 PM Charles Albert <cfalbert at gmail.com>
> wrote:
> >>
> >> I think a reasonable argument could be made that he killed it then...at
> a time when no one dared touch Ronnie, Ronnie knew enough not to lay hands
> on Stretch.
> >>
> >> The basket of goods looks very different now, and I don't see any
> single component moving the aggregate soon...it's probably another lever
> being wrenched from the control of central banks by Mr. Market.
> >>
> >> But let me ask you....if the alleged benefit of progress is supposed to
> include an abundance of Supply of essentials at ever declining prices, why
> is inflation "desirable"? Is that why The Man is pushing credit?
> >>
> >> love,
> >>
> >> cfa
> > --
> > Pynchon-L: https://waste.org/mailman/listinfo/pynchon-l
> --
> Pynchon-L: https://waste.org/mailman/listinfo/pynchon-l
>