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Technology Stocks : Broadcom (BRCM)
BRCM 54.670.0%Feb 9 4:00 PM EST
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To: Keith A Walker who wrote (2109)6/28/1999 5:14:00 PM
From: Raymond Duray   of 6531
 
OT: Federal Reserve Policy

Hi Keith,

I have read the book and recommend it highly to anyone who is interested in learning about the nuts and bolts of the FRS.

It is largely concerned with the Volker era and its immediate aftermath. My only regret about the book (I read it in Fall '98) is that it was published in January, 1989 and does not cover the events of the 90's. Does anyone know of anything as well written, but in a more contemporary vein? Greider has gone on to other topics.

You said Don't buy into the doom and gloom hypesters. The Fed can and has learned from past mistakes, especially tightening during the course of a market failure.
I agree completely. The actions of Allen Greenspan have been exemplary. I find that his actions speak louder than his obscurantist words. The result has been the longest peacetime expansion in the history of the U.S., no easy feat to be sure. Not that I am a fawning sycophant, quite the contrary, it is my feeling that the Fed has in the past very often wielded its power in destructive ways because of political agendas (Arthur Burns comes to mind here) or because of ineptitude. The crowd that was running the Fed in the 1927-32 period, ignorantly allowing the speculation of the late '20s and failing to liquify the markets as needed from 1930 forward, comes to mind here. JMHO

Best, Ry
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