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Well, read what I wrote again, please. He ain't yet
Paul Volcker. But he hasn't been in the fire yet.
No, I am not yet a Barnacke fan yet--let him put his
actions where he says he will put them.
Sorry, you said: "Lengthening the borrowing period and
expanding theassets that can be used as collateral
sure sounds suspicious to me."
To a monetarist...that's meaningless. Pure money
growth counts. He is letting people do things that
pacify some critics but to his way of thinking, do not
have a great impact on the broad measures of money
supply.
Prices and M3 count. The rest is window dressing. He's
been giving folks some window dressing. He hasn't been
giving in where it matters to his way of thinking.
Is he going to be a good Fed Chairman? Sadly, I do
believe he will get the 'opportunity' to face a test
that will either make him or break him. But he hasn't
been tested yet. And he hasn't been accomadative--at
least in the way that counts as a monetarist.
Tim
--- "Terry B. Rhodes" <trhodes3@xxxxxxxxx> wrote:
---------------------------------
"he has noticably NOT allowed indiscriminate borrowing
at the discountwindow"
Lengthening the borrowing period and expanding
theassets that can be used as collateral sure sounds
suspicious to me.
i have seen no action yet to even think of likening
Bernanke toVolker.Please correct me if i'm missing
something.
regards,
tbr
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