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I blame the current administration for the neglect of the economy and allowing large companies to run wild. All of our problems began when the Senate went Republican during the last Clinton administration and now things are getting worse. And I will not vote for Bush.

You can't separate peace from freedom because no one can be at peace unless he has his freedom.
Malcolm X, 1965
alan greenspan is part of the problem. he thinks that he can improve the economy by raising or cutting interest rates. it's so superficial. it's funny how our economy can be driven by someone's perception. all it takes is a statement by greenspan or some others about the economy to send stocks flying through the roof or crashing. what kind of solid economy is that?

to answer your question mbm, i have not been directly effected by the economic downturn. i have been effected indirectly by having to work harder in my place of employment. since our staff has been cut in half, the work is still there. so you have a situation where one person is doing the job of three.
Keylargo,

How wonderful that you know what Alan Greenspan thinks about his abilities.

Greenspan can affect the economy. If you have the ability to raise or lower interest rates, you affect what many people will do with their money, and that will affect the economy. Greenspan, by the way, has been chairman of the Fed through more than one administration and for more than one party. So if you're going to complain about or suspect Greenspan as an indication of the moral standard of an administration, you'll have to suspect more than one political party.

The economic upturn started before President Clinton took office. You remember when he was videoed at his cabinet selection meetings in late November taking credit for the economic recovery? And this after he had spent a year calling the economy "the worst in 50 years"?

The inauguration doesn't take place the day after the election, does it?

But then the economy started to sour before he left office.

So if we're going to look for presidential responsibility, perhaps we should look one administration before the present one?

The price of stocks is not a cause, it's an effect, by the way. So Greenspan doesn't do what he does for the sake of the stock market.

A much better set of symptoms than the Dow Jones is

1. The general Price/Earnings ratio of stocks (more directly important for individual stocks, but taken as a whole an indication of the health of the publically-traded economy).
2. The inflation rate.
3. The Leading Economic Indicators.
4. Inventories of durable goods.
5. And of course, the unemployment rate.

Greenspan can't affect all this. Only part of it, but an important part. If he can convince the government not to print money too fast (keeping inflation down), and if he can keep the prime interest rate at an appropriate level (making money not too expensive to borrow), it really does help.

I think he's done a pretty good job.
quote:
Originally posted by MBM:
Are you better off than you were three years ago? How has the downturn in the economy affected you? To what degree do you "blame" this on the current administration? Will this impact how you vote in the upcoming presidential election?


Three years ago I was teaching five courses a semester, one here at ISU, and the other four at three Community Colleges all around Iowa, in an attempt to get out of the factory and back into academia. I was driving 900 miles per week. (for peanuts!)

Today I have a regular faculty position at ISU as a Lecturer, 3/4 time teaching, 1/4 time research. So I guess that I'm better off. Big Grin

I do not "blame" this on the current administration, but rather on a decision by the math dept and the university here to create the new Lecturer positions as a replacement to using Adjuncts. Big Grin

Incidentally, the most dramatic increase in my standard of living came under Daddy Bush, since I got my PhD in 1990, and was an Assistant Professor from then until 1993. Razz

It will not affect my voting.

"La vida te da sorpresas...
Sorpresas te da la vida...",
¡Ay, Dios!
Rubén Blades---Pedro Navaja


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The Nuclear Resister
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[This message was edited by ricardomath on May 25, 2003 at 12:59 AM.]

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