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Pastimes : Ask Mohan about the Market
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To: Cynic 2005 who wrote (7418)11/7/1997 11:28:00 PM
From: Bilow  Read Replies (2) of 18056
 
In 1929, the Federal Reserve also gave warnings:

On February 2, it addressed the individual Reserve Banks
as follows:

A member [commercial bank] is not within its reasonable
claims for re-discount facilities at its reserve bank when it
borrows either for the purpose of making speculative loans
or for the purpose of maintaining speculative loans. The
board has no disposition to assume authority to interfere
with the loan practices of member banks, so long as they do
not involve the Federal Reserve banks. It has, however, a
grave responsibility whenever there is evidence that member
banks are maintaining speculative security loans with the
aid of Federal reserve credit.

The Great Crash 1929 by John Kenneth Galbraith

page 33

68 years later, the herd still doesn't listen. Well off to my
evening's entertainment....

-- Carl
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