OT - How things really work in the USA - Page 11

Brynjolfsson Erik (Massachusetts Institute of Technology)
Buera Francisco J. (UCLA)
Camp Mary Elizabeth (Indiana University)
Carmel Jonathan (University of Michigan)
Carroll Christopher (Johns Hopkins University)
Cassar Gavin (University of Pennsylvania)
Chaney Thomas (University of Chicago)
Chari Varadarajan V. (University of Minnesota)
Chauvin Keith W. (University of Kansas)
Chintagunta Pradeep K. (University of Chicago)
Christiano Lawrence J. (Northwestern University)
Cochrane John (University of Chicago)
Coleman John (Duke University)
Constantinides George M. (University of Chicago)
Crain Robert (UC Berkeley)
Culp Christopher (University of Chicago)
Da Zhi (University of Notre Dame)
Davis Morris (University of Wisconsin)
De Marzo Peter (Stanford University)
Dubé Jean-Pierre H. (University of Chicago)
Edlin Aaron (UC Berkeley)
Eichenbaum Martin (Northwestern University)
Ely Jeffrey (Northwestern University)
Eraslan Hülya K. K.(Johns Hopkins University)
Faulhaber Gerald (University of Pennsylvania)
Feldmann Sven (University of Melbourne)
Fernandez-Villaverde Jesus (University of Pennsylvania)
Fohlin Caroline (Johns Hopkins University)
Fox Jeremy T. (University of Chicago)
Frank Murray Z.(University of Minnesota)
Frenzen Jonathan (University of Chicago)
Fuchs William (University of Chicago)
Fudenberg Drew (Harvard University)
Gabaix Xavier (New York University)
Gao Paul (Notre Dame University)
Garicano Luis (University of Chicago)
Gerakos Joseph J. (University of Chicago)
Gibbs Michael (University of Chicago)
Glomm Gerhard (Indiana University)
Goettler Ron (University of Chicago)
Goldin Claudia (Harvard University)
Gordon Robert J. (Northwestern University)
Greenstone Michael (Massachusetts Institute of Technology)
Guadalupe Maria (Columbia University)
Guerrieri Veronica (University of Chicago)
Hagerty Kathleen (Northwestern University)
Hamada Robert S. (University of Chicago)
Hansen Lars (University of Chicago)
Harris Milton (University of Chicago)
Hart Oliver (Harvard University)
Hazlett Thomas W. (George Mason University)
Heaton John (University of Chicago)
Heckman James (University of Chicago - Nobel Laureate)
Henderson David R. (Hoover Institution)
Henisz, Witold (University of Pennsylvania)
Hertzberg Andrew (Columbia University)
Hite Gailen (Columbia University)
Hitsch Günter J. (University of Chicago)
Hodrick Robert J. (Columbia University)
Hopenhayn Hugo (UCLA)
Hurst Erik (University of Chicago)
Imrohoroglu Ayse (University of Southern California)
Isakson Hans (University of Northern Iowa)
Israel Ronen (London Business School)
Jaffee Dwight M. (UC Berkeley)
Jagannathan Ravi (Northwestern University)
Jenter Dirk (Stanford University)
Jones Charles M. (Columbia Business School)
Kaboski Joseph P. (Ohio State University)
Kahn Matthew (UCLA)
Kaplan Ethan (Stockholm University)
Karolyi, Andrew (Ohio State University)
Kashyap Anil (University of Chicago)
Keim Donald B (University of Pennsylvania)
Ketkar Suhas L (Vanderbilt University)
Kiesling Lynne (Northwestern University)
Klenow Pete (Stanford University)
Koch Paul (University of Kansas)
Kocherlakota Narayana (University of Minnesota)
Koijen Ralph S.J. (University of Chicago)
Kondo Jiro (Northwestern University)
Korteweg Arthu

Mickey D, the fact that you acknowledged that Obama came across as "more presidential" suggests that you are at least open-minded. The fact that you will vote for McCain is neither here nor there - I will most likely vote for Obama but it will not be something that I do with any enthusiasm.

There is plenty of blame to go around in terms of the disaster that we have in the financial markets. I have criticized Phil Gramm who was responsible for the deregulation that occurred in 1999. Yes, he deserves a lot of blame but Clinton was the president who signed that bill.  I don't like idealogues on the left or the right. Gramm is an idealogue - and so is Gramm to a lesser degree in terms of the economy but more of one when it comes to foreign policy.

What bothers me about politics in the US is that we get into the habit of endlessly repeating cliches - less regulation, lower taxes, eliminate wasteful spending and so on. All are laudable goals but just repeating them ad nauseum does not achieve anything. Mindlessly stating that regulation is bad is just nuts - companies need regulation whether it is on Wall Street or with the drug companies to safeguard us.

It bothers me even more that Paulson and Bernanke were stating just months ago that everything was in relatively good shape and then a couple of weeks ago we hear that the shit has hit the fan. So we bail out companies because the alternative would have horrendous ramifications for the economy. Then we have Paulson and Bernake - who did not see this coming - suddenly demanding a blank check to spend $700 billion without any oversight or legal challenges to do whatever is necessary. These are the very same people who told us a few months ago that all was well. What conceivable reason would there be to trust their judgement?

My preference would be for both consumers and businesses face the consequences of foolish decisions that they made. If the government is to bail them out, then like any other business they should have to part with equity or pay interest on the amount that is funded to keep them afloat. This is how a free-market should operate.

Keep Faith...

The JOB of The Federal Reserve (Lets assume its Constiutional for sake of argument, which its not)  is to maintain SOUND MONEY & Fiscal Policy.   NOT to Bail Out Wall Street & Destroy the US DOLLAR, &  thats what a 'Bail out' does. It floods the market with more dollars, causing More inflation. Hyper inflation soon enough.

Politicians are Whores. Lobbyists Are Pimps. But the REAL Gangsters are the Federal Reserve, neither Federal nor a Reserve, and the owners of the Federal Reserve, World & Central Banks.   75% of whom, happen to be foreigners.

Until we the people take back our Treasury, abolish the Federal Reserve (which ratified the 16th Amendment in 1913 on a Christmass Eve,  when most of Congress was absent,)   Im afraid nothing will change,  and this is all lip service & mental masturbation.

Akaka, Daniel K.- (D - HI) Class I
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Alexander, Lamar- (R - TN) Class II
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Allard, Wayne- (R - CO) Class II
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Barrasso, John- (R - WY) Class I
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Bayh, Evan- (D - IN) Class III
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Bennett, Robert F.- (R - UT) Class III
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Burr, Richard- (R - NC) Class III
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Byrd, Robert C.- (D - WV) Class I
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Cardin, Benjamin L.- (D - MD) Class I
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Casey, Robert P., Jr.- (D - PA) Class I
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Chamb

Chambliss, Saxby- (R - GA) Class II
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DeMint, Jim- (R - SC) Class III
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Dorgan, Byron L.- (D - ND) Class III
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Enzi, Michael B.- (R - WY) Class II
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Inhofe, James M.- (R - OK) Class II
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Kerry, John F.- (D - MA) Class II
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Landrieu, Mary L.- (D - LA) Class II
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Lautenberg, Frank R.- (D - NJ) Class II
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Leahy, Patrick J.- (D - VT) Class III
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ugly, I agree with you that the Federal Reserve has gone well beyond its recognized role. Its PRIMARY role is monetary policy - not even fiscal policy. It can make recommendations with regard to sound fiscal policy but that is not its role - that role is the responsibility of the Congress in conjunction with the Executive branch. Obviously monetary and fiscal policy is inter-related so nothing can be viewed in isolation.

It also has a role as a regulator and banker in the context of keeping the economy sound.

I find it outrageous that Congress is expected to approve a $700 billion package with the minimum of study of alternatives. The very fact that Paulson and Bernanke came to Congress with a fait accompli that blanket authority should be granted to Paulson to do whatever he pleases without oversight or the right to legal challenge shows how this administration expects everything to be rubber stamped. It is arrogance beyond belief.

But in a way one should not be surprised - it is exactly what happened when Congress was railroaded to pass the Patriot Act without proper consideration of the ramifications. The same thing also happened when the authorization was given by Congress to go to war with Iraq.

These are huge issues that are facing the nation and the decisions should be made in a considered and thoughtful manner.

Levin, Carl- (D - MI) Class II
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Lieberman, Joseph I.- (ID - CT) Class I
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Lincoln, Blanche L.- (D - AR) Class III
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Lugar, Richard G.- (R - IN) Class I
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Martinez, Mel- (R - FL) Class III
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McCain, John- (R - AZ) Class III
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McCaskill, Claire- (D - MO) Class I
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McConnell, Mitch- (R - KY) Class II
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Menendez, Robert- (D - NJ) Class I
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Mikulski, Barbara A.- (D - MD) Class III
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Murkowski, Lisa- (R - AK) Class III
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Murray, Patty- (D - WA) Class III
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Nelson, Bill- (D - FL) Class I
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Nelson, E. Benjamin- (D - NE) Class I
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Obama, Barack- (D - IL) Class III
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Pryor, Mark L.- (D - AR) Class II
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Reid, Harry- (D - NV) Class III
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Roberts, Pat- (R - KS) Class II
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Rockefeller, John D., IV- (D - WV) Class II
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Salazar, Ken- (D - CO) Class III
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Sanders, Bernard- (I - VT) Class I
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Schumer, Charles E.- (D - NY) Class III
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Sessions, Jeff- (R - AL) Class II
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Shelby, Richard C.- (R - AL) Class III
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E-mail: senator@shelby.senate.gov

Smith, Gordon H.- (R - OR) Class II
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Snowe, Olympia J.- (R - ME) Class I
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Specter, Arlen- (R - PA) Class III
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Stabenow, Debbie- (D - MI) Class I
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Stevens, Ted- (R - AK) Class II
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Sununu, John E.- (R - NH) Class II
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Tester, Jon- (D - MT) Class I
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