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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsChomsky on Greenspan 's ''Ensuring Greater Worker Insecurity''
From the NY times 1997
Job Insecurity of Workers Is a Big Factor in Fed Policy
By LOUIS UCHITELLE
Published: February 27, 1997
For months now, the Federal Reserve has been poised to raise interest rates, but has held off. Why?
The answer lies mainly in what the Fed's chairman, Alan Greenspan, describes as a powerful recent force in the American economy: job insecurity. In his testimony to Congress yesterday, he clearly elevated this insecurity to major status in central bank policy...............
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http://www.nytimes.com/1997/02/27/business/job-insecurity-of-workers-is-a-big-factor-in-fed-policy.html
Chomsky's comment in 1997 about Greenspan's testimony
Javaman
(62,540 posts)polly7
(20,582 posts)Ichingcarpenter
(36,988 posts)But then
History repeats itself, first as tragedy, second as farce.
polly7
(20,582 posts)struggle4progress
(118,379 posts)over many many years for doing nothing and then finally admitted after retiring that he hadn't really known what to do
It's easy to cheer about other people's insecurity when you get paid well to do nothing
gratuitous
(82,849 posts)Isn't it odd how the same incentives that spur on our overlords aren't necessary for the rank-and-file? "We have to pay the CEO these enormous salaries! How else are we going to get top-flight management?" But workers? A dime a dozen, totally interchangeable cogs in the corporate machine. Experience and ability count for nothing, lowest possible wage is the sole factor in employee retention. Oh, and they're such a disloyal bunch, too!
Imagine how much worse Greenspan would have been at doing nothing if he wasn't paid well and fawned over by the financial media?