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To: BGR who wrote (82802)	1/7/2000 12:28:00 PM
From: Mike M2	Read Replies (1) of 86076

BGR, have you read The Tough Love Letter or The Journal of Economic Violence? -g- ho ho ho Here is what A. C . Miller - member of the Federal Reserve Board during the 20s -30s had to say to the Senate committee on Banking and currency in early 1931: " In the year 1927... you will note the pronounced in these holdings ( US gov't securites held by the Federal Reserve Banks) in the second half of the year. Coupled with heavy purchases of acceptances it was the greatest and boldest operation ever undertaken by the Federal Reserve System, and in my judgement, resulted in one of the most costly errors committed by it or any other banking system in the last 75 years" ho ho ho mike

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