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Politics : Ask Michael Burke

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To: Jack Be Quick who wrote (28167)	5/15/1998 6:43:00 AM
From: geewiz	Read Replies (1) of 132070

John, Your prognosis of fiscal policy as the culprit could only be accomplished if monetary policy were accommodative. The legislative bodies set fiscal policy responding to special interest lobbies. It is unlikely to consider an outcome that is best for the economy. The Fed has two choices, it could cut the money in circulation or hike short term rates. I agree that both monetary and fiscal policy contributed to this bubble, but the responsibility to control the situation rests with the Fed. It does look like a change is in the works since April 15; I sure do wonder why policy was changed at that date! stls.frb.org best, art

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