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To: Agamemnon who wrote (95499)	4/18/2001 11:55:19 AM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

yes, it would punish savers, and reward reckless borrowers. the Fed is doing it's best to achieve the reflation...it's not just today's cut, if you look at a chart of the broad monetary aggregate MZM, it has been going absolutely bonkers in recent months. the financial system reacts to strains and stresses by vastly inflating balance sheets...led by the GSE's, and WS investment banks. of course this only means that the ultimate crisis point is postponed, and the longer it is postponed, the bigger the credit bubble superstructure becomes. stls.frb.org this chart makes me dizzy every time i look at it...