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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Mike M2 who wrote (64011)	7/6/1999 2:44:00 AM
From: JF Quinnelly	Read Replies (2) \| Respond to of 132070

Is this Lord Robbins, the British economist? Robbins changed his opinion regarding the Great Depression later in life, I'm almost certain. I read a piece by him several years ago where he discussed how his view had changed over the years. Seems to me that he had come to believe that a severe deflation like the Great Depression couldn't be cured by the Classical remedies that he had propounded in his youth. The essay likely was in the Cato Journal if you want to chase it down.

To: Mike M2 who wrote (64011)	7/6/1999 9:07:00 AM
From: Freedom Fighter	Read Replies (1) \| Respond to of 132070

Mike, Robbin's observation that the Fed immediately acted to add liquidity is inconsistent with the conventional wisdom that the Fed made a mistake by not doing so. Yet I have read many NY Times articles from the period and they verify Robbin's account. In fact, the articles went so far as to try to make the case that there was nothing to fear from the market break BECAUSE the Fed was being so aggressive. I don't know how that fantasy got started about the Fed not responding in a timely fashion. I'd bet politics had something to do with it. They did and it failed. Perhaps there were other policy errors that contributed to the failure over time. But the Fed did try. Wayne