Reply #3: Oh, he's chock full with all kinds of great ideas - like raising the minimum wage would cost jobs... [View All]

[FormerDittoHead]

Seriously. NAME ONE FUCKING BUSINESS that's gone kaput because of the latest increase in the minimum wage.

For you college grads, here's another:

http://www.huffingtonpost.com/jared-bernstein/well-thats-one-way-to-l_b_44039.html

Alan Greenspan may be all kinds of wonderful, but his idea for reducing the scourge of wage inequality may strike some as counterintuitive: he wants us to raise the number of highly skilled immigrants in order to reduce the earnings of skilled workers already here. In other words, his solution to growing inequality is to reduce to the living standards of college graduates relative to the less educated.

He doesn't quite put it this way, of course. He said: "If we open up a significant window for skilled workers, that would suppress the skilled-wage level and end the concentration of income." Which is merely Greenspeak (tangent: you've got to love G-span's plain-speaking replacement, Ben Bernanke) for the basic economic principle that increased supply of a certain type of worker lowers their wages.

Greenspan isn't the cause, however, he's the messenger. I DID like him a FUCK lot more than Paul Volker, but I don't think he's any living legend. He was good at his job. What I have a problem with is with his employers.