Re: Re: Re: Tom Dickens on Monetary Policy

[Edwin Dickens]

Jim Devine wrote:
> 
> Paul A
> >Have a feeling the "limits of financial policy" issue is likely to be a key
> >policy debate in an upcoming crunch?
> 
> it's clear that monetary policy has its limits, since Greenspan has been
> failing to slow the economy down for months now.
> 

The problem is that the debate will be limited to bailing out the big
bourgeoisie with cuts in the Federal funds rate and cheap funds at the
discount window.  If the Fed chose instead to give every citizen a $1,000
grant, I don't think anybody would argue that the powers of financial
policy are limited.

Edwin (Tom) Dickens