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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club

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To: Ian@SI who wrote (5425)	5/27/1999 11:16:00 AM
From: MrGreenJeans	Read Replies (1) of 15132

Federal Reserve...continued... None of those purposes fall within the lawful mandate of the Fed. Just what is the lawful mandate of the federal reserve? Is it to promote price stability and full employment, to help the government handle its transactions, to coordinate and control the commercial banks, to help control the nation's money supply and credit conditions, to target interest rates (Paul Volcker)?? It is all of the above and more. While I agree that Greenspan should let the financial markets do what the financial markets are going to do and let them find an equilibrium wherever they may I suspect he will intercede at some point to slow down the wealth effect which is everywhere, just check on the big ticket items your neighbor is buying these days or better yet check the airfares here and abroad, in order to cool off the economy. Further, taking a longer time horizon, according to Goldman Sachs the Federal Reserve has moved towards a tightening bias 29 times and has increased rates 50% of those times subsequently.

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