On Sep 3, 2007, at 3:19 PM, raghu wrote:
Is there any evidence that the Fed does think in class struggle terms?
Their slowness to ease in this cycle, for example. Much of Wall Street was expecting an easing even before the subprime crisis, but it never came - and they've been slower to ease in the crisis than WS would like. Or read Greenspan's testimony about how the pool of available workers was running low in the late 1990s. My old pal Tom Dickens has read a lot of Fed minutes, and he says they're full of talk of the relative bargaining strength of capital and labor. Doug
