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Strategies & Market Trends : Sharck Soup

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To: DlphcOracl who wrote (12146)	3/18/2001 8:58:57 PM
From: Mike M	Read Replies (1) of 37746

I'm not sure where velociraptor got his 6 rate cut information, but I am certain that it is wrong. I did dig this up: econ161.berkeley.edu Throughout the decline--which carried production per worker down to a level 40 percent below that which it had attained in 1929, and which saw the unemployment rise to take in more than a quarter of the labor force--the government did not try to prop up aggregate demand. The Federal Reserve did not use open market operations to keep the money supply from falling. Instead the only significant systematic use of open market operations was in the other direction: to raise interest rates and discourage gold outflows after the United Kingdom abandoned the gold standard in the fall of 1931. The Federal Reserve thought it knew what it was doing: it was letting the private sector handle the Depression in its own fashion. It saw the private sector's task as the "liquidation" of the American economy. And it feared that expansionary monetary policy would impede the necessary private-sector process of readjustment. Hardly comparable to current FED activities.

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