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Politics : Ask Michael Burke
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To: Thomas M. who wrote (90709)4/22/2001 11:37:00 AM
From: Mike M2   of 132070
 
Thomas, Dr. Richebacher quotes from a book " Major Recessions" by British economist Christopher Dow ,formerly assistant secretary general of the OECD and executive director of the Bank of England. " The first stage of the US recession ( in 1930) seems inexplicable except as a swing in consumer and business ... The rapid expansion was bound to be checked at some time. There followed in 1930 a big fall in consumption, a very big fall in fixed investment, and a big fall in stocks. These abrupt falls in demand fully fit the hypothesis that there was a large downward shock to expectations of a sort that is likely to follow an excessive boom; they are indeed difficult to explain by any other hypothesis." The Richebacher Letter 1217 St. Paul St. Baltimore, MD 21202 Mike ho ho ho
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