[Peace-discuss] Fwd: [SRRTAC-L:11364] an amazing response to Alan Greenspan by Bernie Sanders

[Alfred Kagan]

>FYI
>
>Reading this is a must! It shows you (among other things), that an 
>individual CAN stand up in the face of enormous power and  prestige 
>and what appears to be permanence, and speak the truth, say what has 
>to be said. Read Sanders addressing Alan Greenspan...
>Mark
>
>>
>>Reply-To: kmccook at tampabay.rr.com
>>Sender: owner-PLGNet-L at listproc.sjsu.edu
>>
>>Bernie Sanders Lectures Alan Greenspan on the Plight of REAL Americans
>>
>>Representative Sanders' House Web Site, July 15, 2003
>>
>>http://bernie.house.gov/statements/20030715203319.asp
>>
>>Mr. Greenspan, as you know, I have been extremely concerned over the
>>years that your interests seem to focus on the needs of the wealthy and
>>large corporations rather than the middle class and working families of
>>this country.  Over the years, you have expressed your view that the
>>minimum wage should be abolished, while at the same time you have
>>supported the appropriateness of the richest people in this country
>>receiving hundreds of billions of dollars in tax breaks.
>>
>>Over the years you have also been a staunch defender of unfettered free
>>trade.  And you have told the American people over and over again how
>>unfettered free trade and trade agreements like NAFTA, Most Favored
>>Nation Trade Status with China and other similar agreements would
>>improve the American economy.  Given that your position on trade has
>>turned out to be totally wrong, and that our trade policy has turned out
>>to be a disaster for American workers I wonder if you have finally
>>reached the conclusion that it is time to re-think the fundamentals of
>>American trade policy.
>>
>>Mr. Greenspan over the last two years we have lost more than 2 million
>>manufacturing jobs, ten percent of our entire manufacturing sector.
>>With 14.7 million total manufacturing jobs, the U.S. now has the lowest
>>number of factory jobs since October 1958.  Meanwhile, American
>>corporations, as they throw American workers out on the street are
>>investing billions of dollars in China, Mexico, India and other poor
>>countries where they are able to hire workers for pennies an hour.
>>
>>Not only are we hemorrhaging manufacturing jobs, but there is now a huge
>>upturn in the loss of white collar middle class.  According to Forrester
>>Research, "Over the next 15 years, 3.3 million U.S. service industry
>>jobs and $136 billion in wages will move offshore to countries like
>>India, Russia, China and the Philippines.  The IT industry will lead the
>>initial overseas exodus."
>>
>>Mr. Greenspan, in addition to all of this, our country today has a
>>record-breaking trade deficit of over $435 billion, including a $100
>>billion trade deficit with China.
>>
>>A. Trade Deficit
>>
>>Chairman Greenspan, at a speech you gave at Boston College on March 6
>>2000, according to the Associated Press, you said that "red-hot consumer
>>demand, which has been met increasingly by imported goods, had driven
>>the nation's trade deficit to unsustainable levels."
>>
>>At the time of your remarks, the U.S. trade deficit was over $260
>>billion.  Today, the U.S. trade deficit has skyrocketed to over $435.67
>>billion, including a $100 billion trade deficit with China alone.
>>
>>Despite this increase in our trade deficit, when you have told us that
>>"liberalizing global trade" has been an "ongoing success."  Chairman
>>Greenspan, over the last two years we have lost more than 2 million
>>decent paying manufacturing jobs as American companies move to China or
>>Mexico or are simply unable to compete with the cheap imports coming
>>into this country.    Not so many years ago the largest employer in this
>>country was General Motors - where working people earned a living wage
>>with decent benefits.  Now, because of policies that you and others
>>advocate, our largest employer is Walmart - where many workers are
>>forced to depend upon food stamps to survive.  I would like you to tell
>>us how all of this is an "ongoing success."
>>
>>B. Economy
>>
>>Chairman Greenspan, over the past 2 years, the stock market has lost
>>$3.7 trillion; more than 3 million private sector jobs have been lost;
>>over 2 million factory jobs have disappeared representing 10 percent of
>>the manufacturing workforce; long-term unemployment has more than
>>tripled; new claims for unemployment insurance are up 27%; the
>>unemployment rate has climbed to 6.4 percent, the worst since 1994; a
>>$5.6 trillion projected 10 year surplus has turned into a $4 trillion
>>deficit - a decline of $10 trillion in just the past 2 years alone; we
>>have gone from a $236 billion budget surplus to a budget deficit of more
>>than $400 billion; the national debt has soared to over $6.6 trillion;
>>1.4 million Americans have lost their health insurance; bankruptcy cases
>>have increased by a record-breaking 23%; we now have the worst record on
>>job creation in 58 years; the worst record on economic growth in 50
>>years; and business investment is at its lowest level in more than 50
>>years.
>>
>>Why do you deserve another term as Chairman of the Federal Reserve?


-- 


Al Kagan
African Studies Bibliographer and Professor of Library Administration
Africana Unit, Room 328
University of Illinois Library
1408 W. Gregory Drive
Urbana, IL 61801, USA

tel. 217-333-6519
fax. 217-333-2214
e-mail. akagan at uiuc.edu