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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (12208)	3/3/2000 5:27:00 PM
From: Allan Harris	Read Replies (1) \| Respond to of 15132

Sam, there are broader libertarian issues involved here as well the threshold issues of the Fed's jurisdiction, authority and competency to target and manipulate equity prices at all. But putting those considerations aside, the choice is to do nothing and let the markets define and decide how to deal with "bubbles", or intervene in a preemptive effort to impose the Fed's definition of fair value on the market, thus assuming financial, economic, political and global consequences that are at best unknown, and at worst, cataclysmic. A