Greenspan bashing

[rapier]

"Pugnacious policy: ship jobs, keep unemployment high
Thus according to Greenspan, keeping asset prices high and product prices low is now the sworn aim of the central bank. Of course, the largest component in low product price is low wages and the largest component in high asset price is also low wages. The combination adds up to one thing, low wages at all cost. And how do you keep wages low? Ship jobs overseas and keep domestic unemployment high. This is the pugnacious economics of Greenspanism. "

very long article offering a good overveiw of the quickly growing alternate consesnus.
http://www.atimes.com/atimes/Global_Economy/FA10Dj01.html

The ever pugnacious Mark, of Mark 2 Market on Capital Stool. This is not a politically correct site.
http://www.capitalstool.com/forums/index.php?showtopic=4579

From the heart of the Wall Street beast, Steven Roach of Morgan Stanley. How he stays employed is beyond me.
http://www.morganstanley.com/GEFdata/digests/latest-digest.html

Again, more of the same of the alternate consesus.

[Infinite Velocity]

1. Factories suffer 41 months of layoffs

By Sue Kirchhoff, USA TODAY

WASHINGTON — Manufacturers still aren't producing the one item the economy needs most: jobs.
Despite recent sharp jumps in orders and shipments, factories shed 26,000 workers in December, the Labor Department said Friday. The December figures mark the 41st consecutive month of layoffs, and bring overall manufacturing job losses to 2.8 million since mid-2000.

The pace of layoffs has slowed since summer, but more than 500,000 factory jobs evaporated in 2003 alone. The figures are a disappointment for workers and many analysts, who had predicted the beleaguered manufacturing sector was turning the corner.

"The loss of 26,000 more manufacturing jobs in December shows that the manufacturing recovery is still in its infancy," said Jerry Jasinowski, president of the National Association of Manufacturers.

Overall, the Labor Department said the economy created 1,000 jobs, in December, well below the approximately 150,000 economists predicted. The unemployment rate dropped to 5.7% from 5.9% in November. But the lower rate doesn't necessarily mean the job market is better. In fact, the Labor Department said that 309,000 fewer people were out looking for work in December, compared with November. The length of the average workweek also declined slightly. That is important because increases in weekly hours are a sign that firms are ready to hire.

The economy has been mired in a so-called jobless recovery, with the pace of new hiring the slowest in decades. That poses political problems for the Bush administration. At the same time, it means inflation is likely to remain muted for some time, allowing the Federal Reserve to keep interest rates low to spur growth.

"I have to believe that the labor market will turn around soon; however, that remains a matter of faith and forecasting rather than fact," said Bill Cheney, chief economist at John Hancock Financial Services.

http://www.usatoday.com/money/economy/employment/2004-01-12-employment_x.htm