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Politics : Ask Michael Burke
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To: BGR who wrote (73284)1/12/2000 9:39:00 AM
From: Freedom Fighter  Read Replies (2) of 132070
 
BGR,

I believe the bond market is getting pounded because the US has been expanding credit too fast in relation to the level of savings. I believe the economy needs to slow. So yes, AG should tighten. However, it's important to understand my complete view. If AG.com didn't flood the system with credit at every sign of a hiccup we would not be in the position of having to tighten at a point in time where equity prices are extremely high and credit levels may be dangerous. I wouldn't consider a tightening here to be a rescue of bond traders. I would consider a sound policy aimed at preventing even more long term excesses and a sign that AG is not a complete loon. (g) When he lowered rates to rescue Wall St temporarily he was just creating this situation.

Wayne
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