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To: Mike M who wrote (22534)	10/22/1998 12:56:00 AM
From: Jay8088	Read Replies (1) \| Respond to of 164687

If I remember correctly, the 1932 bottom was made when Roosvelt took US off the strict gold standard. That way, he was able to print the money to end the worst credit crunch that had been destroying the country. Greenspan knows that lesson of 1930's. And he is proactively providing liquidity to forestall current credit crunch. And so far he has succeeded in breaking the investors pessimism and fear. The economy may still slow down and the market is likely to go lower. But he has skillfully averted deflationary panic IMO. Have to give the bubblemeister credit for decisive intervention - even though it cost me hovering near chapter 11.