nhboy
Ubi bene ibi patria
"Q: What has suddenly happened to our economy?
A: What's happened is twofold. One is the weak dollar policy of the Federal Reserve and particularly the Bush administration. I'm a Republican, but I think they have made a grievous mistake here. When you debase your currency -- you print too many dollars -- strange and unpleasant things happen, such as soaring commodity prices. Since 2004 oil, copper, lumber, steel -- they've all gone up. The housing market, which was booming, went on steroids. The same thing with a lot of the hedge and equity funds. We're paying the price for that today.
Then with the credit crisis last summer, what has made that protracted is, first of all, the people don't know where the bad stuff is. It's similar to getting a health warning that bags of lettuce are tainted. It may be only a small number, but nobody buys lettuce until they know where the bad stuff is. That's what's happening with the subprimes. "
Forbes: Stop the dollar's free-fall - Pittsburgh Tribune-Review
A: What's happened is twofold. One is the weak dollar policy of the Federal Reserve and particularly the Bush administration. I'm a Republican, but I think they have made a grievous mistake here. When you debase your currency -- you print too many dollars -- strange and unpleasant things happen, such as soaring commodity prices. Since 2004 oil, copper, lumber, steel -- they've all gone up. The housing market, which was booming, went on steroids. The same thing with a lot of the hedge and equity funds. We're paying the price for that today.
Then with the credit crisis last summer, what has made that protracted is, first of all, the people don't know where the bad stuff is. It's similar to getting a health warning that bags of lettuce are tainted. It may be only a small number, but nobody buys lettuce until they know where the bad stuff is. That's what's happening with the subprimes. "
Forbes: Stop the dollar's free-fall - Pittsburgh Tribune-Review
