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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (76045)	2/17/2000 12:12:00 AM
From: Mike M2	of 132070

Anderson writes about Warren Harding's appointment of Daniel Crissinger to head the Federal Reserve Board over the protest of the financial community and Treasury Secretary Mellon " Crissinger had no grasp of Federal Reserve policy . His purposes were political. those things were right which would help reelect Warren G. Harding . Those things were wrong which would interfere with the reelection of Warren G. Harding. Sound Federal Reserve policy might be desirable but not unless it were politically popular. It was easy for Governor Strong to dominate such a man, and, through him, the board. governor Strong had no fundamental grasp of the problems of central banking. His statements in private discussion regarding his policies indicated that they were short-run policies and, at times, contradictory." p.129 Mike ho ho ho

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