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Strategies & Market Trends : Classic TA Workplace
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To: Perspective who wrote (19755)11/7/2001 6:36:56 AM
From: KyrosL   of 209892
 
*OT*

>>It's his JOB to take away the punch bowl before everyone gets too sauced.

This is not entirely true. During AG's reign, Congress has changed the charter of the Fed from strictly a defender of the currency (just like the European ECB) to a defender of the currency AS WELL AS a preserver of prosperity. The two goals are, of course, contradictory in the short to medium term. But Congress always works in the short to medium term. And if the Fed fails to preserve prosperity, Congress can pass even more stupid and disastrous laws. For example, it can legislate that the Fed buy bonds and stocks, or even abolish the requirement to defend the currency.

So, the difficulties that AG finds himself in, can all be laid at the feet of the Congress, and ultimately, us voters that elected our Congress.
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