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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Ilaine who wrote (72412)	2/27/2001 2:35:34 PM
From: Raymond Duray	Read Replies (1) \| Respond to of 436258

CB, The policies of the Federal Reserve were not the sole cause of the Great Depression - but they were a cause Have you read Milton Friedman's chapter on the causes of the Great Depression in "The Monetary History of the United States"? I found convincing proof in Freidman's argument that it was indeed mis-conceived, puritanically biased central bank policy that was the 'trigger' that caused the cascade of subsequent events that led to the depression. This is why, today, the FRB has what is euphemistically called the "Plunge Protection Team" ready at a moments notice to add liquidity to the futures, options and equity markets. Last clear case of intervention was 04/17/00. I also suspect they were in the market last Friday afternoon, attempting to reverse Mr. Market's melancholic moodiness. RGD