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Strategies & Market Trends : Asia Forum

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To: DMaA who wrote (6972)	10/6/1998 11:25:00 AM
From: Robert Douglas	Read Replies (2) of 9980

“I believe that we are in the most serious financial crisis since World War II”. - William McDonough, president of the New York Federal Reserve Bank. Isn't this going a bit too far? I can understand William Jefferson Clinton's remarks that this is the biggest economic crisis since the depression. After all, he needs a crisis right now like a baby needs a nipple. But isn't Mr. McDonough being a bit dramatic? Does the present “crisis” (the word we call everything today) rank up there with the inflation and stagnation of the 70s and 80s, the severe recession of the mid 70s, the periodic banking crises, out of control government deficits, or even the horribly overplayed “market crash” of 1987? It rings as true as an NFL coach telling his players that the exhibition game they are about to play is critical. Perhaps Mr. McDonough is too close to those that have been traumatized by the Long-Term Capital fiasco and has seen the pain of someone down to his last $10 million. Henry reported the other day that Mercedes dealerships are seeing mass cancellations in Greenwich. Can bread-lines be far behind? -Robert

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