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Strategies & Market Trends : News Links and Chart Links

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To: Les H who wrote (5098)	1/24/2003 2:29:23 PM
From: Les H	Read Replies (1) of 29600

1997 Transcripts Show Concern Over Asia centredaily.com Fed 'fretted' about the bubble in 1997 The Post said: "At a decisive meeting in May 1997, Fed governor Laurence H. Meyer and nearly all of the Fed's regional bank presidents demanded that the Fed get 'ahead of the curve' with the first of what they expected would be a series of rate hikes to slow the economy. "Cathy E. Minehan, president of the Boston Fed, warned that without some signal that the Fed was prepared to curtail speculation in stocks and real estate there would soon be a dangerous investment bubble." However, the Post said, "But Greenspan, who at the previous meeting had all but promised the 'inflation hawks' he could support a rate hike, surprised them by presenting a controversial new theory: that a dramatic rise in productivity stemming from technological advances would allow the economy to grow much faster than in the past without triggering inflation." more at ... washtimes.com

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