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Pastimes : All Clowns Must Be Destroyed
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To: Giordano Bruno who wrote (36624)5/31/2000 9:49:00 AM
From: pater tenebrarum  Read Replies (1) of 42523
 
interesting view the OECD espouses here...i think however that they are wrong in one crucial aspect: it doesn't matter anymore what the Fed does now, because the big mistake has already been made, and can't be repaired retroactively. the mistake was to let the boom get out of hand in the first place and to allow an incredible, absolutely staggering ponzi pyramid of leverage and debt build up in the economy, coupled with malinvestment on a grand scale, by leaving rates too low far too long and bailing out speculators at every turn. it can't be fixed...the damage is done. the credit and asset bubble will unwind, whether they raise aggressively now or later makes no difference.
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