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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Haim R. Branisteanu who wrote (79315)3/12/2001 9:37:40 PM
From: pater tenebrarum  Read Replies (1) of 436258
 
Haim, frankly, i see cause-effect relationships somewhat differently. imo the US stock market was the biggest bubble of all time, and it burst. when the social mood changes from bull to bear, it doesn't matter which administration rules the roost. this would have happened no matter who won the election.

and the Fed's crime was not that it dragged its feet lowering rates, its crime was not stopping the bubble at an earlier stage, or rather, making the bubble possible by artificially holding interest rates far too low for years and pumping up the money supply at an unprecedented rate.
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