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To: edamo who wrote (131500)	6/7/1999 7:50:00 PM
From: jttmab	Read Replies (1) \| Respond to of 176387

Who owns the fed? The public does...assuming that public institutions are "owned" by the public. Sounds like you don't care much for the fed...Agreed that fed and greenspan take the media spotlight, but they didn't take it, "we" gave it to them. IMHO, Greenspan does the best he can to not influence the financial markets,...sometimes referred to as Greenspeak or waffling. It's the "astute" traders that anguish over every word from the fed as to what it "really" means and try to guess the next policy change. Oddly, it is the free market that sends the NAS up 75 points by noon to close down 30 by the end of the day. True also that the position is appointed by the Pres (along with Congressional approval) but most believe that there is no particular allegence to the pres since it is a position of fixed term. Note the recent objections by Greenspan to the proposal to include some portion of Social Security in the equitities markets. The fed does set certain credit policies but credit policies are determined in the market more so. Your margin rates, car loan, mortgage rates are ultimately determined by the financial institutions in the free market. Re: "why give a speech that you have already given?????" ... don't know...maybe he committed to giving a speach and didn't have the time to write a new one. The economic situation isn't all that bad is it? While there are many factors, one piece of it is the policy set by the fed and IMHO Greenspan has done a better than decent job. Best Regards, Jim P.S. Who was it, Mellon, Rockefeller that said (paraphrase)..."he who controls the money...." (can't remember) P.P.S. "I sincerely believe … that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." Thomas Jefferson (1743-1826), U.S. president. Letter, 28 May 1816, to political philosopher and senator John Taylor, whose book An Inquiry into the Principles and Policy of the Government of the United States (1814) had argued against the harmful effects of finance capitalism. The Columbia Dictionary of Quotations is licensed from Columbia University Press. Copyright © 1993, 1995, 1997, 1998 by Columbia University Press. All rights reserved.

To: edamo who wrote (131500)	6/7/1999 9:07:00 PM
From: C Nelson Reilly	Read Replies (1) \| Respond to of 176387

edamo, check out the book "Secrets of the Temple" by William Greider - good account of the way the Fed operates. All their secrecy kind of reminds me of the CIA and their Congressionally approved "black budget" - who knows what it is or what is really going on. These guys need to be either fully accountable for policy or they need to be muzzled. Nothing like a bunch of Fed governors blithely spewing forth every other day in a slow news cycle. Have you heard - some of them are worried about inflation! C Nelson

To: edamo who wrote (131500)	6/7/1999 9:48:00 PM
From: Ian@SI	Respond to of 176387

Ed, why give a speech that you have already given????? Many speakers have only one speech that they use over and over again regardless of the group they're speaking to. And they get paid a lot more than Greenspan probably ever will. Greenspan gave a speech that was appropriate for the group to which he was scheduled to speak. As such, what he did was quite normal. It's not his fault that the media treats every word of his as if it came direct from the mouth of God. and feels a duty to broadcast it live in real time. In any case, it's somewhat reassuring that he didn't feel any need to take advantage of this opportunity to drop an "irrational exuberance" type of comment on the media. JMHO, Ian.