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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (92176)	9/14/2001 5:48:38 PM
From: Tommaso	Read Replies (2) of 132070

Well, here's something you can comment on, I think: "In 1987, during the crisis after the Crash, the companies and the Federal Reserve responded and bought back huge amounts of stock and printed huge amount of cash. It was the greatest single buying opportunity of a lifetime. " This is Cramer. How can he or his handlers allow this to go out? Maybe he is his own handler <g>. The Fed, unless I am living in some kind of dream world, has no authority to buy anything but government bonds, and only lately has there been some slight talk of letting them buy corporate bonds. Yes, I know there are probably even people on this well-informed thread who think the Fed has bought stocks at times. If they have, it's perhaps the biggest exceeding of authority that has ever occurred in this country: financial McArthurism. Incidentally, I am extremely envious of your knowledge of history. I once read the entirety of The Decline and Fall of the Roman Empire, but all that stuck was a general sense of the incurable depravity of humankind. thestreet.com

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