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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who wrote (12141)8/18/2000 2:29:12 PM
From: pater tenebrarum  Read Replies (2) of 436258
 
"The excess credit which the Fed
pumped into the economy spilled over into the stock market--triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to
sop up the excess reserves and finally succeeded in braking the boom. But it was too late: by 1929 the speculative imbalances had become so
overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence. As a result, the American
economy collapsed. "

Alan Greenspan, 1966
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