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To: Lee Lichterman III who wrote (117258)	8/17/2001 9:09:05 AM
From: Haim R. Branisteanu	Read Replies (3) \| Respond to of 436258

Lee, the proof is in the pudding - the FED is worthless, if not counter productive!! The FED got scared by the BS around Y2K, they failed to stop the bubble and failed to be preemptive to the sharp slide in the financial markets. My take is that they are a bunch of old guard people who are failing to adjust to the new economic environment and the growing speed of money. Their failure is reflected in the financial markets from stock market gyration to currency gyration. Euro/Dollar had an unecessary 10% swing for no reason within 2 - 3 months more so the stock markets. A proper policy would had all financial markets more stable. There is a chance that they will realize that and lower by 1/2 % next week and go to neutral / tightening mode in their policy. This will stabilize markets IMHO. BWDIK Haim