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Politics : Ask Michael Burke

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To: geewiz who wrote (28911)	6/10/1998 10:48:00 AM
From: Mike M2	Read Replies (1) of 132070

Art, it is part of Rubin's & AG's job to maintain CONfidence. Herbert Hoover and treasury secretary Andrew Mellon reassured the public all the way down. I have posted this many times before but here it is AG's criticism about the FEd's easy money policy in the 20's fame.org The bust is the inevitable result of the excesses created during the boom. Look at SEA and Japan -the excess debt and capacity. Japan also made the mistake of making loans based on asset values ( inflated) instead of income. In the US we see inflation in financial assets and a consumer spending binge fueled by debt and the wealth effect of a booming stock mkt. I think it was F.A. Hayek who said the road to poverty is lined with paper wealth. Mike

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