On 11/6/05, Eubulides <[EMAIL PROTECTED]> wrote: > Apropos the 'papers' that G. Kohler was kind enough to send the link > for, I found this little tidbit in the pdf by Sardoni and Wray: > > "Many believe that the rate hikes that began in 2004 were designed to > slow real estate speculation, in spite of the Fed's frequent claims > that bubbles are impossible to identify. Finally, it is abundantly > clear that the Fed continually guards against wage-driven inflation, > raising rates even before labor markets tighten, but it openly accepts > profits-driven inflation. Indeed, during early 2004 the Fed refused to > raise rates even as profits boomed, arguing profits inflation would be > self-limiting—while it implicitly adopts the position that wages > inflation is not. This represents a clear bias against labor in favor > of entrepreneurs (Wray 2004)." > > > Who'd a thunk it?!
Tom Dickens of St. Peter's College in New Jerseay has done a lot of research (reading the minutes of the Open Market Committee, etc.) indicating again and again the ruling class bias of the Fed. -- Jim Devine "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante.
