Professor Elam

Greenspan loved the adoration but denies an responsibility now.   He says that raising interest rates has never stopped inflation, gee it did for Paul Volcker in 1981!  I managed to get to page 200 in his book Turbulence. I don’t see how he can dis claim responsibility and but admit to lowering rates thirteen times in less than two years.  What is the old saying-success has many parents but failure is always an orphan.

Here is an update on just what and who the FED is.   Prof. Elam observation. Now that rates are 2.25-2.5% and T bill rates are less than 1%, wht if this does not work?  The FED cannot lower rates below zero. And surely there is a limit on just how much money it can promise to throw at apparently bottomless problems.