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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Ilaine who wrote (15617)2/24/2002 10:02:07 PM
From: LLCF  Read Replies (1) of 74559
 
<I expect that everyone knows that the Great Crash was triggered by the Fed raising the discount rate from 5% to 6% and tightening money but how many know that Adolph Miller, the President of the Federal Reserve, promised Herbert Hoover, who became president in 1929, that he would do everything he could to stop the stock market from advancing? >

The fed wanted to 'stomp out speculation'... sort of rings a bell no??? Greenspan wanted to stop irrational exuberance. And like all bubbles, they've eased like nuts with the only result of more people investing money due to low i rates. Wonder if they'll hyper inflate like Germany or let things shake out like '29?

DAK
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