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Technology Stocks : Dell Technologies Inc.

DELL 133.78

-0.1%

Nov 14 3:59 PM EST

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To: Lee who wrote (68840)	10/3/1998 8:44:00 AM
From: nihil	Read Replies (1) of 176387

RE: Federal Reserve Bank of New York The FRBNY is a corporation with a board of directors elected by the stockholders (member banks) from local people (bankers, business people, agriculturalists) from the district). The President is designated by the BoG, FRS (who are US Presidential appointees and Federal employees. The President FRBNY is paid considerably more than the Chairman of the BoG, and is a very important official. He,along with the other BoG members are FOMC permanent members. The NY President has a staff of expert economists, statisticians, etc, many of whom are very good and well paid. It is not unusual for the Chair and NY President to disagree on policy. I don't know who yet, but when the minutes of the last meeting are released we may find that Greenspan was more expansionist that others (hawks) on the FOMC. The system is conflict ridden, and continually debating policy. It is the ideas and the data that end up mattering -- not positional authority.

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