Big Ol' Smitty 0 Report post Posted June 17, 2005 Greenspan's comments at a Joint Economic Committee hearing last week were typical, for him. Asked a leading question by Sen. Jack Reed (D) of Rhode Island, he agreed that over the past two quarters hourly wages have shown few signs of accelerating. Overall employee compensation has gone up - but mostly due to a surge in bonuses and stock-option exercises. The Fed chief than added that the 80 percent of the workforce represented by nonsupervisory workers has recently seen little, if any, income growth at all. The top 20 percent of supervisory, salaried, and other workers has. The result of this, said Greenspan, is that the US now has a significant divergence in the fortunes of different groups in its labor market. "As I've often said, this is not the type of thing which a democratic society - a capitalist democratic society - can really accept without addressing," Greenspan told the congressional hearing. http://www.csmonitor.com/2005/0614/p01s03-usec.html?s=itm Share this post Link to post Share on other sites
Stephen Joseph 0 Report post Posted June 20, 2005 No, and perhaps you should research Greenspan some. He was at a point in Ayn Rand's inner circle, and remember he's been Fed chief since reagan. He just says exactly what he feels needs to be said. Even if its not fully true (irrational exuberance) Very smart man, and very libertarian. There are a sufficient # of economic theories which point to the need for a substantial middle class for democracy to thrive. Share this post Link to post Share on other sites
