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I take great issue with the Fed permitting the equity markets to
inflate. That said, one must also realize that any institution of
government in a democracy serves at the will of the voters, even those
institutions which operate independently of the political spoils system.
Thus, I would submit, that the Fed, while relatively isolated from the
political spoils system, is not isolated from the political system and I
believe this has lead to too little braking on the markets. I do
remember times past, particularly when PV was busy raising rates to tame
inflation, when Congress called for the Fed to be brought under more
direct control. Imagine the hue and cry for AG's head if the market
tanks and the baby boomers lose their retirement nest eggs!
Earl
----- Original Message -----
From: Mervin Yeung <tinyeung@xxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Cc: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, December 22, 1999 12:45 PM
Subject: [RT] Re: Greenspan, Total Disregard for the Nation
> If a central bank is not independent from the political regime, a
> central banker is simply a slave to the head of the state. Thus, I am
> not sure that Greenspan should get all the blames. (or all the
praises)
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