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To: pater tenebrarum who wrote (66150)	10/4/1999 12:27:00 PM
From: BGR	Read Replies (1) \| Respond to of 86076

Heinz, The Fed responded to a liquidity crisis last year (which is clearly within its charter) and not to tumbling asset prices. The end result may have been to prop up asset prices, but that is a different issue. Though, I do agree that the moral hazard situation is well worth noting. If most knowledgeable voters feel that way, perhaps their representatives in the Congress will respond? Till then, The Economist is still asking the Fed to overstep its responsibilities (to do something which may be - arguably, but nevertheless - reasonable) and their position is therefore unsupportable. -BGR.