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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: MythMan who wrote (5208)7/23/2000 9:25:35 AM
From: Archie Meeties  Read Replies (1) of 436258
 
Have you been writing for the Fed?
stls.frb.org

In many of these cases, however, the Fed was holding interest rates down from where the economic fundamentals would have driven them. As a consequence, the Fed was actually following an expansionary policy at a time that inflation pressures were building. For a simple analogy, you cannot assume that your car is slowing just because you are stepping on the brake. If you are going down a steep mountain in a car full of drunk bulls, you might not be stepping on the brake hard enough, and your car may be picking up speed.
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