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To: BGR who wrote (79066)	12/10/1999 2:41:00 AM
From: Ken98	Read Replies (2) \| Respond to of 86076

BGR, and your mother failed to teach you any manners. Your response to KIS is not only pompous, it is wrong. Although the Fed Board of Governors is appointed by the President, the FOMC is composed of BOTH the 7 Governors, and ALSO the head of the NY Fed Bank and 4 other district bank heads. The heads of the district banks are appointed by the member banks completely independent of the government. In addition, the heads of the district Fed banks have some degree of autonomy over the banking affairs in their districts. frbsf.org To think that Asymmetric Al would act to prevent an excessive RISE in share prices (while falling all over himself to bail out his hedge fund buddies) is nothing short of a joke. His very actions demonstrate this and I challenge you to construct any sort of factually based argument otherwise - the orgy of greed presently manifesting itself in a bunch of companies with no earnings and nothing but hype while the Fed sings its productivity swan song lulling the market ever higher is evidence enough for me (not to mention the torrent of money being thrown into the system for God knows what reason). To answer your question as to the harm in the Fed's hijinks - the harms are numerous and permanent. The debasement of the currency. The monetization of the debt. Inflation (the real kind, not that phony productivity enhanced kind). The (over)funding of numerous unproductive and duplicative business firms that will fail. The Fed is a dope pusher giving the heroin addict what he demands - more drugs, more drugs, more, more, more... But guess what? The addict dies of an overdose. Quite simply put, the crash will be the inevitable result of the Fed's malfeasance and reckless activities and the blood should rightly be viewed as being on their hands. Regards, Ken.