Re: Be glad no Privatized Soc. Security went down stock-crash rathole too.

From: John Conover <>
Subject: Re: Be glad no Privatized Soc. Security went down stock-crash rathole too.
Date: 18 Mar 2001 03:34:46 GMT

You know, I'm not so sure monetary and/or fiscal policy has enough
clout to alter the course of things, anymore.

For example, if we assume a $1.6T tax rebate over 10 years, that's
$160B a year; or for a quarter of a billion US folks, about $640 per
person, per year, on average.

Although its big numbers, by comparison, Thursday before last, the 30
stocks in the DJIA lost about that much in market capitalization for
all the folks in the US in just 8 hours of trading!

I think it was A. Greenspan, in late 1994, (when he was doing the
international dog-and-pony show saying that 80 yen per buck was
nothing to be concerned about,) who said something to the effect that
monetary policy was a game between the finance ministers and the
speculative traders.


BTW, about $2T was traded on the international currency exchanges by
the speculators on Friday. That's about a fourth of the US annual
GDP-in 24 hours.

It just seems that the FED does not have big enough levers, knobs, and
wrenches, to compete on equal terms with numbers of that magnitude.

Dick Eastman writes:
> Consider all the private pension savings just blown away by
> the latest establishmentazzi rigged crash. (The establishmentazzi
> will gain over 12 percent of total real industrial capital that
> will change hands as a result of this "financial adjustment."
> What if two-thirds of our Social Security pension
> savings had gone with it, under the establishmentazzi
> plan to privatize Social Security?  Now you know why
> the privatization plan originated in the global
> financial sector (and has been pushed in every
> developed country) and not with the domestic
> retirement interest groups.
> If the just-experienced rigged crash has shown us
> the folly of trusting the deviant financial elites
> with our Social Security savings, then this
> latest mugging may have been worth it.
> Tell Wall-Street Republicans and Democrats, that
> you have changed your mind.  Privatization of
> Social Security is a lousy idea, easily worth
> two black eyes and a busted arm to fight off.
> ALSO, what if your bank was heavily invested
> in technology stocks?  (We are the sucker slaves
> of totally ruthless gangster families, I hope
> your realize.)
> One more thing, a lot of margin calls like
> we have just had will force banks to call
> in loans drastically shrinking the U.S.
> M1 money supply.    THis is not time for the
> Fed to piddle with the discount rate.  Very
> strong medicine is needed.  Reserve requirments
> need to be lowered.  (But the bond holding elite
> will not like this middle-class saving measure.
> Their bond portfolios thrive on deflation.)
> Dick Eastman
> Yakima
> U.S.A.
> Every man is responsible to every other man.


John Conover,,

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