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Thursday, September 20, 2007

BERNANKE HAS IT RIGHT THIS TIME; MoneyNews.com HAS IT WRONG

BERNANKE HAS IT RIGHT THIS TIME; MoneyNews.COM HAS IT WRONG

For once Bernanke and the Feds did the correct thing in lowering both the discount and fed funds rates by a half of a percent. I would have been bolder and lowered it 3/4 of a percent. MoneyNews.com, on the other hand, is getting it wrong by suggesting that this move by the Feds is not good for the American public. The so-called experts at MoneyNews.com should read all my previous Blogs on this subject and get themselves educated.

Let me simply state the argument again for those who lack a Jesuit education in logic. If the rapid lowering of the interest rates quickly over a short period of time and continuing to lower the rates before the market had time to adjust to the changes resulted, if not caused, the collapse of the sub-prime lending market, then increasing the interest rates will be the most logical thing to do to correct the problem. Get it, guys!

On a side note, can you believe Greenspan? This old man is losing his marbles. He just published a new book and if we can question some of “the facts according to Greenspan,” I am wondering about other things he said in the book. On TV yesterday Greenspan said that he carefully reviewed all of the actions of the Feds over the past 14 years and he could not find one instance where they made a mistake. Is this guy stupid, nuts, or just senile? I wish I had the omniscience he has. Why I thought only God had such knowledge and power. But, I guess Greenspan has it also. Not one single error? Oh, come on Alan.

I have mentioned in an earlier Blog that rarely does a politician or one in public office ever admit to an error. With such perfect individuals running our country, pray tell why is it so screwed up? Are we perhaps to assume that they might not be as perfect as they claim. Would any one of us consider taking that leap of not believing what politicians tell us?

Here is the problem. Greenspan is respected by some, not I, as an intelligent man. Why he must be intelligent because he speaks in a language no one else understands. Greenspan writes a book with so-called “facts according to Greenspan” and people will read his book and believe the erroneous facts he writes. There might be an occasional interviewer who may question his facts but the interview is long forgotten but the book is in print for all to read. This is what makes some parts of history so unreliable. Many books are full of garbage. Maybe Greenspan’s book is not full of garbage but it has a lot of garbage in it. I, for one, will not buy or read it. Why should I? I have seen Greenspan in operation while he was Fed Chairman. He was the worst performing individual holding that position that I can remember. If I have watched Greenspan perform, why should I read a book of him telling me his version of what he did. I have already seen what he did.

In another aspect of his interview with Neal Cavuto on FoxNews, he recounts the story and gives J. P. Morgan the credit of getting all the bankers together to solve the severe banking crisis at the time. He gives another banker the credit. But the real, correct, and true story is that President Teddy Roosevelt took J. P. Morgan aside shut him in a hotel room in New York City and told him he and the other bankers could not leave the room until and unless they solved the banking crisis. Teddy Roosevelt was quite a guy. That is the reason why he is the only modern-day President on Mount Rushmore. With Greenspan’s so-called facts so inaccurate, you can read the rest of his made up lies. I, for one, will not. I am not saying that my mind is devoid of garbage, but why should I put more garbage – garbage that I know to be garbage – into it?

My readers know by now that I have no love for Greenspan, or better yet his record. He probably otherwise is a good man. He is just too old and senile to be listened to. Besides I do not know what he says when he is saying it. Do you?

Today: four stars for Bernanke. But, please Ben, will you guys stop printing worthless paper money, the real cause of inflation. Read my up and coming book on: The Laws of Thermodynamics as They Relate to Financial Markets.

nicola michael Tauraso, M.D.

Ps. With this brief dissertation, I most likely will suspend my writing on politics and economics and devote more time to writing about health matters – something I know more about!

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