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

To: Giordano Bruno who wrote (36624)	5/31/2000 9:48:00 AM
From: LLCF	Respond to of 42523

<Kernan is absolutely glistening this morning.> The Big Kahuna! DAK

To: Giordano Bruno who wrote (36624)	5/31/2000 9:49:00 AM
From: pater tenebrarum	Read Replies (1) \| Respond to of 42523

interesting view the OECD espouses here...i think however that they are wrong in one crucial aspect: it doesn't matter anymore what the Fed does now, because the big mistake has already been made, and can't be repaired retroactively. the mistake was to let the boom get out of hand in the first place and to allow an incredible, absolutely staggering ponzi pyramid of leverage and debt build up in the economy, coupled with malinvestment on a grand scale, by leaving rates too low far too long and bailing out speculators at every turn. it can't be fixed...the damage is done. the credit and asset bubble will unwind, whether they raise aggressively now or later makes no difference.