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To: Les H who wrote (100229)	5/7/2001 12:24:32 PM
From: Self-Retired	Respond to of 436258

Interesting point...." In 1999 and 2000, the Fed repeatedly said that excessive growth would lead to inflation. That rationale was used to justify six U.S. interest rate increases and a tight monetary policy. At great risk, the Fed was fighting non-existent inflation. I don’t know what would have happened if the tech stock bubble had not popped as dramatically as it did. The Fed might not have been shocked back to reality. We might have suffered rising interest rates and tight money until it was too late to prevent a long recession. Fortunately, the tech stock bubble intervened to discipline the world’s central banks. ""