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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: yard_man who wrote (8715)10/15/1998 5:25:00 PM
From: Cynic 2005  Read Replies (2) of 86076
 
<<But most experts said it would take an extraordinary event, on a scale of the near-failure of the hedge fund Long-Term Capital Management L.P. to prompt a rate cut beforehand. The hedge-fund fiasco is now widely regarded as the triggering event for the Fed's September rate cut.

"I think if that had not blown up, the Fed wouldn't have eased in September," said Cary Leahey, an economist with High Frequency Economics.

The Fed, which orchestrated a $3.6 billion private-sector bailout of the hedge fund, has said the collapse of the fund would have threatened the stability of the entire U.S. financial system.

No similar event was publicly apparent on Thursday when the Fed made its move, however, raising the question of whether the central bank was aware of another lurking crisis.>>
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