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Strategies & Market Trends : Bill Fleckenstein, the BEAR! Is he finally right? -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (142)	9/10/1998 11:53:00 PM
From: Gary Walker	Respond to of 259

In 1987.... You're correct about the Fed actions in 1987. There are expressly forbidden from engaging in securities activity except bonds. There's no way they're involved in equity/index futures to prop the market at any time! Heck, Greenspan has been saying all along that the speculation in the market is beyond reason. After the crash of 1987, the Fed did act quickly to increase liquidity and avoid economic fallout from the crash. Greenspan and company did a good job then. I was certain that the crash of '87 would lead to a severe recession. This was avoided due to fast actions by the Fed. gw