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To: nihil who wrote (68835)	10/2/1998 12:56:00 PM
From: Lee	Read Replies (2) \| Respond to of 176387

nihil,..Re:Please understand that the New York Federal Reserve Bank is owned by the member banks (like Chase). Would you care to explain the above comment? Aside from the fact that the Fed supervises and regulates domestic banking activity, it is also an independent unit answerable only to Congress. Are you implying that the NY Fed is in the pocket of the NY banks? re: When the whole gory episode is over we may be able to understand how close we were to the edge. We may be seeing now how close we are to the edge as some of the current selling is attributed to unwinding of LTCM positions. Re:No body seemed to notice that no government or Fed money was involved. The press is mainly responsible for this misinformation as in their effort to amplify the story, they frequently failed to mention actual facts. Just read Just4theDellofit's posts which repeats the general mantra of the media. Re:,The wigs decided that it wasn't worth the risk of a complete meltdown and ponied up. Only to protect or try to extract some pennies on the dollar of their original investment. What choice did they have?

To: nihil who wrote (68835)	10/2/1998 1:16:00 PM
From: Ken Beal	Read Replies (1) \| Respond to of 176387

Hi nihil, Re: A credit collapse destroys wealth. I prefer not to have wealth -- even other peoples' -- destroyed. I agree 100%. I hope only for the best for everyone. However, I still maintain that intervention was unnecessary -- Warren Buffett had already extended a helping hand. Even though no Fed money went to bailing them out, my tax dollars pay the salary of the Fed employees who negotiated the deal. LTCM should have negotiated directly with Warren Buffett and not gotten the devil^H^H^H^H^Hgovernment involved. Cheers, KenB PS Speaking of Buffetts, I bet that after Georges went through, Jimmy now has more than six holes in his freezer. ;-)