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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: LLCF who wrote (162950)	4/30/2002 4:25:12 AM
From: geewiz	Read Replies (1) of 436258

Northern Trust had a very good commentary on Wayne Angel last week: Positive Economic Commentary The New-Look WSJ Puts Entertainment Features On Its Op-Ed Page April 26, 2002 I guess The Journal is trying to compete with the television networks by combining informed opinion with entertainment. That's the only conclusion I can come to after reading Wayne Angell's essay, "Accommodating Mr. Greenspan," on the op-ed page of today's (April 26) Journal. If my memory serves me correctly, Bear Stearns was sued by an irate client for alleged bad investment advice given by Mr. Angell, who, at that time, was the chief economist for BS. I recall reading that Mr. Angell's boss testified under oath that the suit was frivolous because Mr. Angell was not considered by the firm to be an investment adviser but rather an "entertainer." For this reason, and for the content of Angell's essay, I have to conclude - that's entertainment! Mr. Angell argues in his "Entertainment Weekly" piece that the Fed's 1.75% funds rate target is not representative of an accommodative monetary policy. Rather, 1.75% is just right. Some of the arguments Mr. Angell presents are entertaining, as is the theater of the absurd. Some of the facts Mr. Angell presents in defense of 1.75% are pure fiction. Let's get the fiction out of the way first. Mr. Angell states that a rising US dollar is evidence that the 1.75% funds rate is not leading to the Fed's printing of too many dollars. When was this article written? April of 2001? As Chart 1 shows, the US dollar has had a reversal of fortunes in recent weeks. In terms of the JP Morgan trade-weighted index, the US dollar has been on a depreciating trend since late February. northerntrust.com later, art

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