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To: pater tenebrarum who wrote (72128)	10/27/1999 3:53:00 PM
From: BGR	Read Replies (1) \| Respond to of 86076

Heinz, My comment was only about the future direction of the economy and not about the equity market level. Several economists think that the then Fed could have averted the crisis by increasing liquidity at the right moment, like Greenspan did last year. Instead, initially the Fed succumbed to the moralist pressure to squeeze all excesses off the system by draining liquidity, which had the effect of killing the patient before antibiotics were administered. Note that finally it was huge public sector fiscal stimulus that finally pulled the economy out of depression. You have less faith in the Government and the human ability to learn from past errors than I do. Let's agree to disagree? -BGR.