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To: AC Flyer who wrote (117501)	8/18/2001 9:37:32 PM
From: Haim R. Branisteanu	Respond to of 436258

Thanks AC, would agree with you to certain extent - he was until 1997. After his famous exuberance speech he got "reeducated" to follow his political masters who are elected also with WS money. He lost his independence and as such turned into a very bad and arrogant CB. AG failed to lead and adjust FED policies to "just in time delivery" in the world over economy, to the tremendous increase in the speed of money and also the Off Balance sheet derivatives which are enormous. The FED still works within antiquated financial laws, no request or new meaningful laws or regulation was initiated by the FED....... to the contrary they succumbed to the powerful financial institutions When AG arrived at the FED inventory turns in manufacturing were around 4 to 6 now they are now double to triple that. The FED does not know how to deal with it. Their monetary policy meetings should be every 3 weeks not 6. The fact is they lag the market and got suckered in the Y2K nonsense. They also failed to adjust leverage to the increase in the speed of money. Just to give you an example myself a little investor have exposure in currencies, and could leverage myself, if I wanted, to the $10 million range which IMHO is outrageous. Banks and other financial institution can leverage even more. The FED should curb that. They failed to adjust margin requirement before and after the bubble started. Same with the other debt instruments .......... I could go on but do not want to bore to many. The proof of misguided FED policy are the gyration in stock and currency markets since 1998, after his "reeducation" ......... and I left out rampant manipulation which is not the actual task of the FED to curb it. BWDIK Haim