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To: Crimson Ghost who wrote (45867)	4/12/2000 11:08:00 PM
From: pater tenebrarum	Read Replies (3) \| Respond to of 99985

George, Greenspan has indeed changed his approach...i view him in a lot less benign light than others do. to me it is fairly clear that the money supply expansion aided and abetted by the Fed over recent years lies at the heart of the bubble. thanks for posting this article... regards, hb

To: Crimson Ghost who wrote (45867)	4/13/2000 12:53:00 PM
From: Mike M2	Read Replies (1) \| Respond to of 99985

George, I don't know where the author of that article gets the idea that Governor Strong pushed for a more restrictive policy in 1928 although I do recall reading that near the end of Strong's life he supposedly said ' we are now paying the price for aiding Europe" . The sequence of events in 1927 was that governor Norman of the Bank of England called for a secret conference with Governor Strong of the New York Federal Reserve Bank in an attempt to convince Governor Hjalmar Schacht of the Reichsbank and Deputy Governor Charles Rist of the Bank of France to join them in a cheap money policy. Schacht and Rist refused to join in the cheap money policy that strong and Norman advocated. " Schacht was alarmed at the extent to which the bank expansion had gone. " from Economics and the Public Welfare by Benjamin Anderson p.189 Anderson was an economist ( promoted to Chief economist) at Chase Manhattan Bank from 1920 -1937 and editor of the chase economic Bulletin. mike