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In Part 1 of my interview with Rep. Alan Grayson published on Monday, we talked about Syria and national security policy. In Part 2, we turn to domestic matters. Grayson is actually one of the only trained economists in Congress, graduating from Harvard with an economics degree.
We talked about whether Dodd-Frank stabilized the financial system, the role of the Federal Reserve in the economy, and his surprising view on the fears of a government shutdown. We also talked about his recent partnerships with House Republicans. Below is a transcript of our conversation.
With the five-year anniversary of the Lehman Brothers collapse upon us, everyone is talking about whether we remain vulnerable to another crisis. You were on the Financial Services Committee when Dodd-Frank passed in 2010. Has it worked to make the financial system safer, or has nothing much changed?
Yes, nothing has changed. The only thing that has changed is the passage of time. Sometimes time does not heal. We still have the problem of some institutions being too big to fail, and nothing has been done to make them smaller or less interconnected. Nothing has changed the fact that, because of the sense in the market that some institutions are too big to fail, the big get bigger and the small get smaller. The cost of capital is smaller for institutions perceived as government-backed, than for ones not as credit-worthy, with counter-party risk.
The one good thing thats happened in the past five years, in the sense of making people hopeful that the economy might survive a collapse, is that the Federal Reserves unconventional monetary policy put us back on a low-level track toward growth. They showed that monetary policy in extremis can work to some degree.
How big is the Fed balance sheet, $3 trillion?
$3.5 trillion. Weve had a government takeover of the bond market. Stealth socialisms been created. Government simply ends up owning more and more and more. If government had taken over the steel industry, maybe it would have been more noticeable. Theyve taken over the financing of housing industry as well, with a desired result. The result is now, finally, particularly in areas that were hard-hit, like mine in Central Florida, housing is ticking up again. So the Fed did in essence create an economic baseline that has led to something along the lines of 50,000-100,000 jobs created a month, setting a foundation for recovery for the U.S. economy.
Socialism is awesome, better than corporatism in America by all accounts.
Socialism is awesome, better than corporatism in America by all accounts.
Socialism is awesome, better than corporatism in America by all accounts.
When you start giving a damn for people in poverty, and join the Democratic party. Socialism through Dirgisime was the best boom Europe ever had, whereas neo-liberalism caused a global recession. If you think 'socialism' is only Stalin or Mao, then your problem. Please note also that North Korea is not socialist, Kim Jong Il's father built his own ideology, just as Hitler or Pol Pot build their own.Socialism is awesome, better than corporatism in America by all accounts.
did you submit your American passport yet and applied for North Korean one?
if not - STFU
grayson is one of the most despicable, actually fanatical scoundrels of the left among dimpocraps.
he is a male version of pelosi.
Did Reagan buy that chair you are sitting in, you must have fascist dictatorship all over you. PS: Keep the stepford wife away from me, she freaks me out.Socialism is awesome, better than corporatism in America by all accounts.
So, how did Socialism buy you that machine you're typing on right now? You and Micheal Moore have more in common than you know.
Socialism is awesome, better than corporatism in America by all accounts.
My parents did and it was the best years they ever had, socialism is still alive and well in New Zealand. When the right wing is turfed out from there in 2014 socialism will be expanded still further.Socialism is awesome, better than corporatism in America by all accounts.
It's very easy for you to be critical of corporate America. But have you actually ever lived under true Socialism? If so, have you lived and thrived independently under Socialism?
My parents did and it was the best years they ever had, socialism is still alive and well in New Zealand. When the right wing is turfed out from there in 2014 socialism will be expanded still further.Socialism is awesome, better than corporatism in America by all accounts.
It's very easy for you to be critical of corporate America. But have you actually ever lived under true Socialism? If so, have you lived and thrived independently under Socialism?
If you think half of NZ is nuts go ahead, soon there will be a $18.40 minimum wage there, and eventually 3% unemployment. Meanwhile China is close to being the world's biggest economy, not to mention Australia and New Zealand hold to egalitarianism rather than crony capitalism Republican style.My parents did and it was the best years they ever had, socialism is still alive and well in New Zealand. When the right wing is turfed out from there in 2014 socialism will be expanded still further.It's very easy for you to be critical of corporate America. But have you actually ever lived under true Socialism? If so, have you lived and thrived independently under Socialism?
Well that tells me one thing... your parents are every bit as nuts as are you.
grayson is one of the most despicable, actually fanatical scoundrels of the left among dimpocraps.
he is a male version of pelosi.
That's the way america-hating pieces of shit like you think. Grayson is an american hero and the best politician in congress right now.
If you think half of NZ is nuts go ahead, soon there will be a $18.40 minimum wage there, and eventually 3% unemployment. Meanwhile China is close to being the world's biggest economy, not to mention Australia and New Zealand hold to egalitarianism rather than crony capitalism Republican style.My parents did and it was the best years they ever had, socialism is still alive and well in New Zealand. When the right wing is turfed out from there in 2014 socialism will be expanded still further.
Well that tells me one thing... your parents are every bit as nuts as are you.
If you think half of NZ is nuts go ahead, soon there will be a $18.40 minimum wage there, and eventually 3% unemployment. Meanwhile China is close to being the world's biggest economy, not to mention Australia and New Zealand hold to egalitarianism rather than crony capitalism Republican style.My parents did and it was the best years they ever had, socialism is still alive and well in New Zealand. When the right wing is turfed out from there in 2014 socialism will be expanded still further.
Well that tells me one thing... your parents are every bit as nuts as are you.
grayson is one of the most despicable, actually fanatical scoundrels of the left among dimpocraps.
he is a male version of pelosi.
That's the way america-hating pieces of shit like you think. Grayson is an american hero and the best politician in congress right now.
He's certainly one of the smartest. He has a law degree and economic degree and has worked in both those fields.. With a Grayson presidency he would have kicked republican ass. He wouldn't have bothered reaching across the aisle like Obama did, thinking he was dealing with normal human beings.
That's the way america-hating pieces of shit like you think. Grayson is an american hero and the best politician in congress right now.
He's certainly one of the smartest. He has a law degree and economic degree and has worked in both those fields.. With a Grayson presidency he would have kicked republican ass. He wouldn't have bothered reaching across the aisle like Obama did, thinking he was dealing with normal human beings.
If he has a degree in economics why is he ignoring it?
He's certainly one of the smartest. He has a law degree and economic degree and has worked in both those fields.. With a Grayson presidency he would have kicked republican ass. He wouldn't have bothered reaching across the aisle like Obama did, thinking he was dealing with normal human beings.
If he has a degree in economics why is he ignoring it?
He's not. Grayson co-sponsored Ron Paul's audit the fed bill.
Socialism is awesome, better than corporatism in America by all accounts.
Socialism in America IS corporatism.
