House of Paine

the 70's first world wage push story

so much of today's  fed policy 
 pretends to hang
 on this  horror interval
and 
so  many wage rates 
        are  really hung by it too



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the only fear 
  today's  fed 
really  claims to fear 
 is wage push inflation 

and thats in an era where it
 appears to be impossible 

ie
  the  price roaring 70's  
  will not be seen again
        except  in  tv re runs 


but you'd never know it 
reading the biz  press chitter 

yes greenscum  put his crooked face
 down the deflatio well ...once

and went for a credit juiceroo 
                            instead

  but hey

that man had the luck baby

87 01 97 

the stock buuble the lot bubble
four presidents 
two recessions and he comes outso soaked in
press box  cologne
no one yet
seems to  smell the gangrene  


yes  ladies and gentlemen of the cloth 

huges volumes
 of that pimp   are  long since dead 


hell  
the man's cortex hasn't seen blood
since that blow job andrea gave him
 after he refused to  butt fuck hillary

way way back 
in november of  93 for christ sake

and yet ......and yet ......

  my ignorance is all that keeps the list to that 

imagine 
a  85  year old
 manhattan pigeon 
  that still manges some how 
to snap up 
 the first peanut thrown 
thats how impossible 
greeny's  fed career looks

truely
he was the feds  fearless fosdick 

cannon holes the size of sewer caps
blown right thru his chest..

wouldn't slow him a step 

but now we have a man of intellect 

a man worthy of respect 

but my guess he's doomed 

once things get interesting
it'll be as  fun
as the morning sad sack strip 
watching
his   repeat re action
when  ever time the bell rings
 at the fire house
he's compared unfavorably 
 to that   85 year old
         patent haired taxi dancer 

-------------------------

at any rate 
the squeeeze on wage rates 
is diff now

job scarcity   imports  busted unions etc etc 

no way for labor to pass thru any  consumer price shocks 

  no way to set off a raterising spiral

when the former rate setters like auto and steel
  are now in full retreat 


one time pricing shocks are always possible

but commodity prices can flex

and forex shocks can reverse 

to be continued