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Anna Schwartz Interview-Excellent!
Old 05-09-2009, 12:18 PM   #1
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Anna Schwartz Interview-Excellent!

The two living people I admire without reservation in the economic sphere are Paul Volcker and Anna Schwartz. Here is an excellent interview with Dr. Schwartz.

Financial Sense Newshour with Jim Puplava

Ha
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Old 05-09-2009, 04:15 PM   #2
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Wow.....what an amazing 94 year old! Clearly right on the ball. Thanks for the link.
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Old 05-09-2009, 04:47 PM   #3
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Feisty. She likes Volcker and doesn't seem to hold many incumbents in high esteem. I share that opinion. She really takes off around minute 38 - fed chief, is inflation inevitable deficit financing, and so on.
Quote:
No! ... You need somebody with the strength of character, with the objective understanding of what the problem is, and the insistence that you have to follow through on a program to reduce the size of budgets ...
Thanks for the link, Ha.
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Old 05-11-2009, 10:59 PM   #4
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Anna Schwatz is one of my favorite living economists(to be exact her and meltzer are my two favs). Thanx for the link, I love listening to Anna, but seldom search for her recent pieces. It would probably have been another 2 months before I searched for the Schwatz pieces out there.

Paul Volcker, love the man, but I wouldn't put him in the top 10. The deal with Volcker is that he was good at taking orders. First, at a meeting of international bankers in 79-80, he was told that if he didn't do something about the dollar they(the bankers) would no longer support it. He came back and informed Jimmy Carter that his "hands were tied". Then he admitted that Reagan economists called him like every two weeks ordering him around. They said if he didn't listen they wouldn't provide him cover. Basically they were telling him that he was being a pu$$y and that he needed to be a lot more forceful in contracting the money supply. Finally, in 82 what they were trying to do happened, and inflation starting falling back down.
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Old 05-12-2009, 12:36 AM   #5
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Thank you so much, this is the by far the best interview I've ever heard with Anna.

I was particularly suprised by her saying that the practice of mergers should be substantially limited. I'll tell you that I have held the position for sometime that the practice of mergers should be outlawed. I personally think the only way for two companies to come together is if one of the companies can furnish all the capital necessary to purchase the other one. The idea of swapping shares of stock, I think is a inherently stupid and not fair to share holders. The act of merging is anti-competitive, leads to huge inefficiencies, leads to bad management, leads to companies "to big to fail", and is at least 75% of the problem of companies being "to big to fail". I love the fact that she has given me more support in my assertion.

I don't like it the same way that I don't like unions spanning across more than one company, such as the UAW or the Teamsters. The idea that a union can apply a uniform standard to multiple companies is pathetic. Different companies have different models, different customers, etc. employees should negotiate based on the conditions in their company, not based on the conditions of any other company. Multi-company unions are also anti-competitive, hugely inefficient, leads to bad contracts hurting their industry, etc.
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Old 05-12-2009, 03:54 PM   #6
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Speaking or Dr. Schwartz and current events, here's a quote (not hers) taken from November 8, 2002 at a conference to honor the late Milton Friedman shortly after his 90th birthday (my emphasis added):

Quote:
Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.
The speaker?

Ben Bernanke.
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Old 05-12-2009, 06:31 PM   #7
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I remember that one. What a POS.
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Old 05-24-2009, 10:30 PM   #8
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Quote:
Originally Posted by Meadbh View Post
Wow.....what an amazing 94 year old! Clearly right on the ball. Thanks for the link.
I finally had a chance to listen to this last night. Wow - outside of the creaky old characteristics in her voice, one would never realize she is at that age.

As I was trying to absorb the questions, she's already rifling off her response with facts, figures, and memories of past events without hesitation. Amazing.

-ERD50
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Old 05-25-2009, 11:13 AM   #9
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Thanks, Ha.

In case anyone else is late to the party, it's the third one under May 9.
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