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Non-Tech : The Critical Investing Workshop
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To: Uncle Frank who wrote (7218)3/13/2000 10:41:00 AM
From: Jim Willie CB  Read Replies (1) of 35685
 
Uncle, I would say the Federal Reserve's primary charter is to manage the liquidity and health of the US banking system

they do so with overnight shuffling

their secondary charter is to manage the USdollar, which is closely tied with their primary charter as foreign banks provide interplay

now, the Dept of Treasury is chartered primarily as defender of the US$

if Greenspan had not raised rates excessively in 1997, we would not have had the Asian Meltdown, Russian Fiasco, and LTCM bailout... what condition do you think the US economy, growth, and banking system would be in now without that?

the blame belongs squarely on the Federal Reserve and Greenspan, not to mention the crustified Board Governors

just because the US economy and US$ are strong now, doesnt mean Greenspan has a great deal to take credit for

ask Citibank how much they enjoyed the Russian default?

respectfully, Jim
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