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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Ilaine who wrote (72445)2/27/2001 3:27:19 PM
From: Raymond Duray  Read Replies (2) of 436258
 
La plus ca change, la plus la meme chose.

Hi CB,

Let me paraphrase:

I agree with many
quote.bloomberg.com
today that the real disaster was the Fed's loose money policy prior to March, 2000
stls.frb.org
, which caused, inter alia, the stock market bubble of 1999-2000. The Fed started stepping on the brakes to prick that bubble, it is true, but it also started cutting rates in early January, 2001 immediately after the crash. But the loose money policy of the earlier years caused overinvestment in assets which fell idle (telecom, most notably), and remained idle. Credit expansion caused massive debt which could not be serviced. So what good will cutting interest rates do today?

Just wondering, Ray :)

PS: AG at the pump: members.home.net
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