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Strategies & Market Trends : Waiting for the big Kahuna
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To: Bill Green who wrote (25723)8/30/1998 6:20:00 PM
From: Joseph G.   of 94695
 
The guy, as most journalists, is amazingly ignorant.

<<More fundamentally, because of the absence of inflation and by applying the principles of Keynesian economics that were simply not known in the 1930s, governments and central banks would be freer today than they have been for generations to support their economies with lower interest rates and taxes.>>

First, that's exactly what governments did do in 1929, and second Keynes published his books on this subject in 1930, but the ideas were floating around and there were numerous journal and newspaper publications prior to books.

First thing President Hoover did in 1929 was to cut income taxes. In the same month, the Fed increased the money supply, and on November 1 cut the discount rate. They cut the discount rate six times from 6% to 1.5% by July 1930.
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