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Strategies & Market Trends : ahhaha's ahs
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To: Ahda who wrote (2261)5/16/2001 11:44:40 AM
From: ahhahaRead Replies (1) of 24758
 
Volcker is and always was, a joke. He's a reactionist and a control freak just like AG. The only excesses one should fear are those of monetary authority since they reinforce their own errors and increase the natural amplitude of economic cycles. Just where was his prudence before October '79 when the market chastised his money creating madness by running fed funds through the roof? The ensuing financial crisis became the greatest economic crisis since the '30s.

During this period he was heralded as a hero, and then vilified for raising rates when it wasn't FED at all who raised rates. The market had to raise them because the FED was fearful of inducing a depression and wouldn't. The market raised them because the individuals in the market acting in "self defence"(sic) refused to lend money at rates discount to inflation. Volcker was merely a useless bystander who played out some hand wringing script.
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