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Strategies & Market Trends : Strictly: Drilling II
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To: Roebear who wrote (17196)8/9/2002 8:03:29 PM
From: Roebear  Read Replies (1) of 36161
 
Benjamin Strong, who effectively ran the Fed at the time, confided to a colleague that, "I will give a little coup de whiskey to the stock market." Over the next two years, the Dow Jones Industrial Average more than doubled, in a speculative wave that set the stage for the 1929 crash. In the fall of 1998, Alan Greenspan gave us his own coup de whiskey, dramatically reducing the discount rate by 50 basis points after the market had sharply declined in response to the Russia and Long-Term Management Capital crisis.

nationalpost.com
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