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To: LLCF who wrote (16499)	9/7/2000 12:21:07 AM
From: Perspective	Read Replies (2) \| Respond to of 436258

That's why this Almighty Greenspan confidence is so ludicrous. There are TWO sides to every money-creating transaction. Greenspan can control the lending side, but it is entirely possible (I'd even say probable) that conditions might develop in which no one is willing to borrow money at ANY interest rate. Rates have been zero in Japan for years now, and it has still failed to stimulate demand because there simply aren't any willing, qualified borrowers. That's why asset inflation is so terrible - if it unwinds, the resulting deflationary spiral makes monetary policy completely ineffective. The control surfaces simply fail to function, like a plane with ice all over the wings... Gee, funny - plane's startin' to feel kinda heavy all of a sudden... BC