>The Looting of America >Reagonomics, Clintonomics & Enronomics >by Al Martin >http://www.almartinraw.com/index.html > >Reaganomics has never worked and it can not be defended. When you see TV >pundits like Larry Kudlow and Bill Seidman defending Reaganomics, you must >understand that they are not pure economists. They are political economists, >and they owe their careers to the Republican Party. Both Kudlow and Seidman >make their money as senior economists for the Heritage Foundation, the Cato >Institute, other Republican so-called think tanks, economic research
[Forwarded from good friend] about Bill Seidman... He was once the Chairman of the Federal Deposit Insurance Corporation (FDIC). In early 1987, a member of the Fed's Board, Manuel Johnson, said that the loans to Argentina, Brazil and Chile "weren't worth the paper they're written on." With these loans so badly suspect, in October 1987, the market melted down. It was caused when the big banks (Citibank, Chase, Chemical, Marine Midland, Morgan, Bank of America and Bank of New York) all wrote off their '87 market meltdown and the ABC International Banking Scandal (Argentina, Brazil and Chile defaulted on their nonperforming loans to South American countries to the tune of about $60 billion, causing the US government to pressure the banks to loan them more - the interest due - so they countries wouldn't remain in default. The banks declined, sinking the Bush administration by creating a recession that forced unemployment rates up well over 10% in NY and California (and getting Clinton elected). In November 1987, I was a speaker at the Treasury Management Association of America's annual convention (5,000 bankers, Consultants, Corporate CFO's and Treasurers) and Seidman was one of the keynote speakers. He began his speech with the words, "I'm here today to tell you that the FDIC has sixteen-point-five billion dollars with which to help troubled banks." Milton Glass, a good friend of mine and the Treasurer of Gillette Corporation was sitting at my table having lunch with me at that moment, and he said in a stage whisper that all five-thousand attendees could hear, "The only barter is bullets." Most political appointees that are finance oriented and low enough to sell themselves to the highest political bidder are worse than leaches. The rest are even worse than that.
