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To: Augustus Gloop who wrote (2244)	7/18/2001 1:10:09 PM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 10077

I was noticing that Greenie didn't seem to be taking credit for helping to create the bubble, let alone that the fed was instrumental in the creation with the money pump that they did in anticipation of the non-existent Y2K problems.

To: Augustus Gloop who wrote (2244)	7/18/2001 1:13:27 PM
From: MulhollandDrive	Read Replies (2) \| Respond to of 10077

Just my opinion but I believe the fed played role in this and they should not be allowed to distance themselves from any degree of responsibility. << I know the Japan analogy does not fit on many levels, but you have to look at the notion that interest rate cuts are ineffective when the weakness is due to overcapacity and diminishing demand. People aren't going to "borrow" when they're already in debt. I know we've discussed this before, but I think it bears repeating, if the consumer is tapped, the biggest reservoir of funds is no further than his paycheck, in the tax withholding box.