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To: Mike M2 who wrote (82825)1/7/2000 11:48:00 PM
From: BGR  Read Replies (1) | Respond to of 86076
 
Mike,

If the '29-'30 Fed had rushed in liquidity (rather than draining in an attempt to eradicate so-called speculative excesses aka TL) as the '87 Fed did, perhaps there would be no Great Depression (aka EV).

IOW, TL caused EV in '29.

-BGR.