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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: fut_trade who wrote (2571)	1/14/2000 7:50:00 AM
From: yard_man	Respond to of 42523

that's a gem! At this point, I'd say Al baby is an ineffective instrument ... wait and see ... when stocks start dropping this time (no, I don't know when -- obviously, I was wrong again about the last couple 'o weeks) everybody is going to be looking to the old geezer and shouting "do SOMETHING" and there won't be a d#mn thing he can do ...

To: fut_trade who wrote (2571)	1/14/2000 7:51:00 AM
From: NickSE	Respond to of 42523

Peter, It's interesting you brought this up. I just read in the late 1920s, the FED also refrained from raising margin requirements, even in the face of explosive margin growth. The belief was that it would have immediately caused speculators to sell and crash the bubble, so the FED just sat in the shadows and watched it grow until it finally exploded, refusing to be blamed directly for the bust. But he reiterated the Fed's longstanding decision not to attempt to curb such borrowing by raising margin requirements, branding such a move an "ineffective instrument." Regards, Nick