Thursday, July 30, 2015

The Wisdom of Alan Greenspan Revealed Yet Again

July 30, 2015
Alan Greenspan: This is 'extremely dangerous'

However, he noted that he sees a "strong and growing labor market" despite concerns about productivity growth.

Fred: I heard your team had to hire another programmer. Is that true?
Ted: Yeah, it's true.
Fred: Despite the lack of productivity growth of your existing programmers?
Ted: Despite? Why would you think that? No, more like because. I had to hire BECAUSE there was a productivity problem.
Fred: How so? I don't get it.
Ted: Since I couldn't get the programmers to work any faster, I was forced to hire more of them.
Fred: I don't understand. I just read that the economy has a strong and growing labor market despite concerns about productivity growth.
Ted: What idiot thought that crackpot economic theory up?
Fred: Just some former central banker.
Ted: Ah, sounds like something Alan Greenspan might say.
Fred: Damn you are smart! I'm going to give you a 5% raise!
Ted: I accept on one condition.
Fred: What's that?
Ted: I will not be working 5% longer hours!
Fred: F%^k! I was looking to pay for it with a productivity miracle!


Michael said...

My companty had a nice big layoff today of about 290 at two sites. Meanwhile off shoring of production continues at a rapid pace with share buybacks. We must be highly productive

Stagflationary Mark said...


Please forgive me for saying this, but you seem to have a weak and shrinking domestic labor force despite being highly productive!

Oops. I think Greenspan brainwashed me, lol. Sigh.

In all seriousness, sorry to hear it. I hope you survived the cuts and continue to do so.

Troy said...

About 10 years ago I figured out that having the UPS ship your product from Shenzhen vs. making it yourself did wonders for our productivity, replacing a staff of hundreds with all the fixed capital investment of a factory line with just one customs guy with the typical office equipment requirements.

In other news I willfully destroyed millions of dollars worth of wealth yesterday when pruning my OS X install.

I needed 60GB space temporarily on a drive so my MAME ROM directory had to go. I might have it backed up somewhere but I found time spent playing old games from the 80s was being wasted; something Steve Jobs believed in was never looking back wistfully at the past, but always looking forward.

Then again going retro made the Crossy Road people set for life.

Stagflationary Mark said...


I destroyed hundreds of thousands of dollars in wealth when I quit my job in 1999. One of the best decisions I ever made. ;)