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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Mike M2 who wrote (80923)	5/20/2000 12:31:00 PM
From: Thomas M.	Respond to of 132070

Mogambo Guru 9241 54 St. N., Pinellas Park, Fla. 33782 May 9 ~ The Fed gave the banks another $4.5 billion to play with last week. I wish someone would ask the venerable Alan Greenspan exactly where it is written in the charter for the Federal Reserve System that he is to provide constant, unlimited quantities of credit to the banks when it is not in response to some actual crisis in the banking system. Protection of the banking system from unforeseeable systemic problems is the purpose of the Federal Reserve System, not the current unholy and moral-hazard-laden provision of unlimited, out-of-thin-air liquidity to make an outright gift to the banks so that they can make a bigger profit. -RICHARD DAUGHTY