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Strategies & Market Trends : Strictly: Drilling II
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To: c.hinton who wrote (20220)10/14/2002 11:55:05 AM
From: Art Bechhoefer  Read Replies (1) of 36161
 
>>Maybe 7 or 8 years.Why so long?<< The situation in the 70's was often referred to as stagflation, where the Fed faced a dilemma of raising interest rates to bring down inflation, at the cost of triggering a recession. It eventually selected this option, but only after the Republicans, who are less sensitive to blue collar job losses, got into power in 1980.

There is a parallel between the late 60's, when it became clear that Vietnam was sapping a lot more resources than had been anticipated earlier, and the current situation, where getting into and out of a war in Iraq may be more expensive than expected.

So if you are making a point that the setting of interest rates is at least partly a political statement, not necessarily an economic one, I totally agree.

Art
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