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To: dan_oz who wrote (62816)	1/29/2001 9:48:47 PM
From: patron_anejo_por_favor	Respond to of 436258

<<They have hundreds of supervisors in every U.S. bank looking at loan portfolios/asset quality; dozens of traders on the NY open market desks who are active market participants in numerous financial instruments, monitoring them around the clock and in constant contact with the trading houses/exchanges; they have some of the brightest minds in economics on their staffs at the various branches and the Board; and they have direct and frequent contact with the heads of every major financial institution on the planet, public or private.>> ...as "they" no doubt did in Japan in 1989. If access to vast resources were insurance against financial calamity, then history would not be littered with the detritus of bubbles repeatedly gone to ground. Command of the facts is no substitute for judgement, nor intelligence a substitute for prudence. Review of recent history suggests that the Fed and leading financial institutions, while being richly endowed in the former are sadly deficient in the latter. Regards Patron