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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Les H who wrote (98090)4/26/2001 10:48:11 AM
From: oldirtybastard  Read Replies (1) of 436258
 
``This raises two concerns,'' Hoenig said. ``First, what if the appropriate monetary policy stance conflicts with the need to provide liquidity to individual institutions or to financial markets? Second, if open market operations are used to provide additional liquidity in times of crisis, when is the appropriate time to remove this liquidity to prevent a buildup of inflationary pressures?''

Hoenig also warned that recent changes in U.S. financial regulations have not been tested due to the enormous strength of the U.S. economy over the last decade.

``Many of these new procedures have not been tested under the fire of a significant economic downturn,'' he said.

They must be in CYA mode now, so they can later say they were aware of what they were doing but the liquidity demands, moral hazard, yadda yadda they just had to go down the road they took.
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