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Pastimes : Ask Mohan about the Market

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To: Tommaso who wrote (7789)	11/14/1997 3:31:00 PM
From: Mike M2	Read Replies (1) of 18056

Tommaso, about the greenspan remarks on '29 . I would guess they can be found in Ayn Rand "Capitalism : The Unknown Ideal" my library has a pre 1966 copy so his remarks are not in there but it does have some AG quotes. Basicly AG says the Fed lowered rates in the US to help Britain stem the loss of its gold. "...The Fed succeeded:it stopped the gold loss ,but it nearly destroyed the economies of the world in the process. The excess credit which the Fed pumped into the economy spilled over into the stock market-triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in breaking the boom.But it was too late: by 1929 the speculative imbalances had become so overwhelming that the attempt precipatated a sharp retrenching and a consequent demoralizing of business confidence. As a result,the American economy collapsed ...The world ecomies plunged into the Great Depression of the 1930's ." Alan Greenspan, The Objectivist,July 1966 Next time I am at Barnes & Noble I'll look I'd bet it is in the book I mentioned. Mike

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