06-15-2005, 11:31 PM
http://moneycentral.msn.com/content/P119372.asp
Federal Reserve Bank of Frankenstein
The Fed only postponed the pain, ensuring that it will be dramatically worse. Easy Al and the other apparatchiks at the Fed embarked on a grand experiment with the American economy and everyone's lives. Historian Edward Chancellor, author of the terrific history of financial speculation "Devil Take the Hindmost (http://www.amazon.com/exec/obidos/tg/sim-explorer/explore-items/-/0374138583/0/101/1/none/purchase/ref%3Dpd%5Fsxp%5Fr0/104-8390513-4919164)," makes the same point to Ip:
"The Fed is conducting a 'crucial experiment' in post-bubble monetary policy. We don't know what the outcome is yet."
I would say that we can speculate on how ugly it's liable to be.
Federal Reserve Bank of Frankenstein
The Fed only postponed the pain, ensuring that it will be dramatically worse. Easy Al and the other apparatchiks at the Fed embarked on a grand experiment with the American economy and everyone's lives. Historian Edward Chancellor, author of the terrific history of financial speculation "Devil Take the Hindmost (http://www.amazon.com/exec/obidos/tg/sim-explorer/explore-items/-/0374138583/0/101/1/none/purchase/ref%3Dpd%5Fsxp%5Fr0/104-8390513-4919164)," makes the same point to Ip:
"The Fed is conducting a 'crucial experiment' in post-bubble monetary policy. We don't know what the outcome is yet."
I would say that we can speculate on how ugly it's liable to be.