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Posts Tagged ‘Greenspan’

2013/11/29: Commentary: Great Fedspectations or Just Speculations?

December 2, 2013 Leave a comment

Great Fedspectations or Just Speculations?

One more good reason the Fed won’t taper until March

…and it is something we would never have guessed!

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Commentary: Friday, November 29nd Weekend Read

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2013/11/22: Commentary: It’s the Fed PR, stupid

November 22, 2013 Leave a comment

It’s the Fed PR, stupid

Review of why the FOMC minutes are useless and there will be NO

QE taper until Janet Yellen’s first meeting as Chairman in March

© 2013 ROHR International, Inc. All International rights reserved.

Commentary: Friday, November 22nd Weekend Read

CNBCliesmanFEDqeTAPERtalk-131121

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2011/09/27: QuickPost: Taxulationism Trumped? Collins Calls for Regulatory Timeout

September 27, 2011 Leave a comment

For any of you who haven’t run into it before, ‘Taxulationism’ is a term describing over-taxation, over-regulation and the impact of protectionism. It was one of the key topics which was included in my US midterm election-day 2010 Financial Times ‘Insight’ column on why the Fed’s QE2 liquidity infusion was likely to be ineffective. To give credit where credit is due, that term came out of a conversation I was having with my friend Jack Bouroudjian at his office early last summer.

Like many of us, Jack was astounded by the retrogressive taxation and especially regulation efforts of the Obama administration. He noted that none of them had probably ever read Arthur Laffer’s work on the regressive nature of elevated taxation and regulation, and I suggested that we should describe it as ‘taxulation’. Jack then added the ultimately prescient thought that those sorts of things always lead to protectionism as well, and completed the effort by evolving that into ‘Taxulationism’.

And there is little doubt it is the major hurdle which is crippling US job creation. That comes from everyone beginning with Alan Greenspan late last year, through Dallas Federal Reserve President Richard Fisher, others at the Fed (or sick of being asked, “What the Fed is going to do about the economy“, when the real problems are creatures of Congress), and even many in Congress itself.

And finally someone right there in the belly of the beast has suggested a pointed solution to the problem that has constrained any meaningful job creation by corporate America… AND she’s among the most moderate.

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2011/08/16: Large Swings NOT the Exception…They’re the Norm

August 16, 2011 1 comment

Before we even hear the much anticipated announcement of results (such as they may be) from the Chancellor Merkel-President Sarkozy Euro-zone Debt Dilemma meeting in Paris today, there is much fear and loathing over what sort of radical response the various markets might have… Especially equities. As we had a chance from afar to ponder the meaning of both the recent and recent historic significant price swings in many asset classes, we came to a conclusion:

A significant majority of (maybe even most ) casual market observers and even professional investors are poorly equipped to anticipate and manage aggressive price adjustments. Especially as it regards the professional investment class, this might seem somewhat of a surprise. However, across our long history of market involvement, we have seen many more instances of folks who rely on models that provide assumptions of incremental price movement than those who understand major adjustments are the norm and not the exception. And there was a key observation on that quite some time ago from a somewhat unexpected source (in light of his subsequent philosophy and practice.)

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