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To: Terry Rose who wrote (23240)	11/21/1998 11:51:00 AM
From: William JH	Respond to of 116791

"Make no mistake about it, the Fed is a political institution subject to the pressures of the lobbyists and constituencies of Congress and the President. Why? It's the nature of the beast. Any man who tries to remain aloof from those pressures will lose both his influence and, eventually, his position. It is naive to expect the Fed to act as a truly "independent agency." In large part, the members of the Fed are forced to act on the basis of the short-term, pragmatic policies of the party in power, not on the basis of sound economic policy. A trading rule is "Never go long politicians - and the Fed in a group of politicians." Victor Sperando, "Methods of a Wall Street Master"