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To: Lucretius who wrote (12141)	8/18/2000 2:29:12 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

"The excess credit which the Fed pumped into the economy spilled over into the stock market--triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in braking the boom. But it was too late: by 1929 the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence. As a result, the American economy collapsed. " Alan Greenspan, 1966