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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Eric K. who wrote (114780)	6/7/2000 12:34:00 PM
From: tejek	Respond to of 1571886

I'm sorry to break this to you, but the Fed existed before the Great Depression (it was created in 1913, I believe). In fact, the Fed went on a tightening binge beginning in 1928. It also loosened rates several times very soon after the initial plummet in the stock market, to no avail, of course. Moreover, you might remember Andrew Jackson and his 1830s battle with the Bank of the US (aka: the monster). No central bank has yet been able to stop speculative excesses; whether or not any should try is an open question. -Eric, Yes, you are right; however the feds were not granted the powers they have now until after the depression. And I hate to break it to you, Eric, but the feds now are doing a hell of a lot better in controlling the excesses of the economy than they did 60-70 yrs ago. Further I repeat that our recessions are mild bumps in the road compared to what was experienced in the 19th century. ted