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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: Bearded One who wrote (11984)	12/20/1997 5:21:00 PM
From: Tommaso	Read Replies (1) \| Respond to of 18056

Well, I think you are exactly right. I also think that the Fed is now in the extremely awkward position of being held responsible if the market crashes--if it touches interest rates upwards in the least. As I mentioned in an earlier post, there are people who think Greenspan does evil merely by saying that there is a bubble. The Fed is a creature of Congress and Congress can abolish it at any time. They would be foolish to do so, but much more foolish things have been done by governments. I think there would be a lot of debate over this and maybe the US economic establishment would weigh in with persuasive arguments. But to be seen as causing a crash would hurt the Fed a lot.