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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Ian@SI who wrote (25409)	10/16/1998 10:04:00 PM
From: MrGreenJeans	Respond to of 70976

Ian I believe " this board is at his whim" is a substantial misstatement of the working of the Fed or the capabilities of AG. I doubt that AG does anything "on a whim" whether part of his personal or business life. The facts are that the Federal Reserve had a bias which was neutural to tight from late 1997 to mid-1998. I believe it is clear, from reading the federal reserve minutes during this time period, that if it was up to a democratic vote of the board the board would not have moved to have decreased rates in here. I believe they would have voted to maintain present policy. I also believe that when the history of the Federal Reserve during this period is written it will have been evident that Greenspan did the "persuading" to change policy in here. My stating of the "board is at his whim" was not meant to mean AG makes decisions at such as it was meant to mean the board does as AG directs it to do. I refer you to a book on Greenspan by Beckner, subtitled The Greenspan Years, it is a history of the Fed in the early 90's. It is a detailed work on the inner workings at the Fed.