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To: bill meehan who wrote (59066)	8/27/1999 12:28:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 86076

Bill, i think so too...i read some of the essays AG wrote in the sixties, and he obviously studied the 20's mania closely and is well aware that we are basically re-enacting it now. however, i believe that the Fed must bear a great deal of the responsibility for letting the bubble get out of hand. after all, money supply increased by 200% over the last ten years, and who if not the Fed is responsible for that? they should have stopped the mania before it got out of hand, instead they continued to pour gasoline into the fire. when the bubble unwinds, they will be powerless to stop the event and the subsequent hard landing for the economy. no policy measures will be sufficient to contain the panic once it starts. regards, hb