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To: Chip McVickar who wrote (1718)	4/30/2001 1:11:08 PM
From: John Pitera	Respond to of 12410

The finance minister was just appointed last week. The "shadow FOMC" -- a group largely composed of academics -- has put out their warning that the Fed has "lost sight" of its price stability goal in a mistaken belief that the economic slowdown can be cured by easier monetary policy. The group criticizes the Fed explanations for the policy easing and calls Greenspan to the mat for "overmanaging" the economy. I'll speak for what I believe is a majority view and shared by most with a paycheck on the line -- isn't it the Fed's key objective to manage an economy falling in to recession?