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

To: Lucretius who wrote (4560)	1/27/2000 12:35:00 PM
From: clochard	Read Replies (2) \| Respond to of 42523

The Fed chief's new term and the spectre of 1929. Monday 24 January 2000 For those who look to portents and history, the reappointment of Alan Greenspan as chairman of the Federal Reserve is truly scary. The parallel with 1929 is worryingly close. When Herbert Hoover became President in March that year, he reappointed the 76-year-old Andrew Mellon, who was dubbed 'the greatest Secretary of the Treasury since Alexander Hamilton'. America was celebrating a remarkable decade of prosperity and as Mellon had been in office throughout the 1920s, he was thought to be the architect of this success. His confirmation in office was taken as a sure sign of continuing prosperity. In another interesting parallel with today, he ran budget surpluses and reduced the national debt by a third. Until Greenspan, no other financial public servant in US history has received such adulation. ..... smithers.co.uk