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To: Zeev Hed who wrote (17674)	12/26/2000 11:27:09 PM
From: limtex	Read Replies (1) \| Respond to of 60323

ZH - What a picture you paint of this benign elderly icon trying his best to control the money supply with objective professionalism!!!! That isn't quite it in reality. He is targetting the NAZ. Earlier this year one might have been foegiven for believing his excuses to the senate that eh wans't targeting the NAZ but now he is revealed and his is the NAZ killer no matter what the cost to the World economy. ZH ask John Conners. He has a better feel for the daily 'dramatic' drop off in business around the World than Mr G has. Just ask Mr Conners. Watch as the auto companies now roll over and then all the other major US multinationals. Interest rates should never have gotten to this level in the first place and they certainly shouldn't have been kept so high for so long. I didn't do that, you didn't do that...Mr G did and please don't bring up the others that sit on Fed with him they are totally servile and do whatever he bids them. Bush better get ready to be known as the 2nd Bush recession. Best regards, L

To: Zeev Hed who wrote (17674)	12/26/2000 11:57:33 PM
From: herringbone_100	Read Replies (3) \| Respond to of 60323

<he is just doing what the constitution gave him the power to do> 'Article 1, Section 8 of our Constitution states that Congress shall have the power to coin money and regulate the value, thereof...' the federal reserve act in 1913 produced the 'fed'. they haven't been here all along since the inception of the us constitution. my one beef with the fed is the public conception of them as an official u.s. arm of the government, like the treasury. they are not, they came along as a 'cartel' of bankers and are still a cartel of bankers today. their monetary policy may be good or bad (i agree with your assessment of current stance and don't see any reason for immediate lowering of rates) but i find it annoying that 9 out of 10 believe the 'fed' to be a legitimate branch of the u.s. government. they are a cartel of bankers (with their own interests and concerns) providing a service to the u.s. they are not liable or held accountable to the american public as they are not u.s. public officials. that said, i don't think we should burn AG at the stake... maybe just dangle him by this thumbnails for an hour or two. it is difficult for me to get past the fact that many people i personally know (o.k., their own greed contributed) have seen their retirement money get 'poofed' away.... the average american believes AG is 'god' and largely responsible for the economic prosperity we have enjoyed for the last 8 years... that may be so or it may not be so. but, as you noted, the fed created the naz 'explosion' or bubble... and then let it 'poof' without warning (most don't watch the market's daily gyrations and couldn't see the writing on the wall) except for a garbled 'irrational exuberance' speech last year. my point is, how about a little disclosure to the american public?? why doesn't the fed clarify who and what they are... and what their interests are, i.e. global monetary policy, not just u.s.... or maybe they have, and americans just don't want to believe that there is no Wizard in Oz. just us munchkins <g>

To: Zeev Hed who wrote (17674)	12/27/2000 7:09:36 AM
From: Steve Lee	Read Replies (1) \| Respond to of 60323

Seems to me that the fed could cap the irrational exuberance and inflation without causing recession by making margin illegal. That would cut the money supply somewhat! It would need to be staged, for instance by starting with an allowable ratio of 45% and working it down to zero over a number of years. May not even have to go down as far as zero. Might even be people around who got killed on margin recently that would sympathise with what he was doing as he would be doing many people a favour. Brokerages wouldn't like it but tough luck to them.