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To: Lizzie Tudor who wrote (144801)8/5/2002 5:06:20 PM
From: Bill Harmond  Respond to of 164684
 
The gray areas are recessions. Look how the Fed shrank the monetary base in 2000, NEGATIVE growth. That was to soak up the huge expansion of the monetary base from 1998 ASEAN crisis and then the 1999 pre-Y2K expansion. That's what overheated the economy and created the bubble. Then he put us through that monetary contraction in 2000 that put us through the windshield.


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