Wednesday, November 23, 2005

what would Alan Greenspan say


Robin's Commentary

Approximately 5 years ago, Fed Chairman Alan Greenspan's effort to fight off inflation and preventing "irrational exuberance" of the economy, decided to start raising the interest rates that resulted in a landslide of business closings and large unemployment numbers with Oregon being on the top of that list.
In my own opinion, only catching the feds offguard because they were using the old rules to regulate the economy and not taking into consideration how fast the new global economy works.

Before the fallout, Mr. Greenspan alluded that the increase in interest rates was starting to show a positive effect in the economy. Of course, here on the West Coast, all that we saw was taxes going up, earnings going down, businesses closing and more families becoming a two income household.

Recently, Mr. Greenspan has raised interest rates numerous times and plans to increase them again before he retires while again claiming that the economy is improving.

Tell that to GM and the 30,000 people that will be losing their jobs.

Tell that to the city of Eugene who claims that they did not have enough money to operate public safety and are going to impose new taxes on us to steal the money from us.

Explain to me why my phone bill is 55% taxes and fees.

I'm not an economist (nor do I play one on TV) but I wish somebody could explain to me how increasing the interest rates and make it more expensive for businesses to borrow money to improve their companies and to hire more people is actually positive for the economy.

Leading economists have stated that the government would receive more income if it lowered taxes which would allow people to buy more products which would create more businesses which would create more tax revenue.

Mr. Greenspan I wish you could explain your theory to me so that I may better understand.

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