Fred writes: >> David, do you think the Fed's recent actions have been "irrelevant to a >> market economy"? What would be left of the US market economy, and its >> financial system in particular, if the Fed had not intervened?
You are right -- irrelevant is not the right word, Certainly, the Fed's actions affect the economy, as do the many wrong decisions made by our legislators. More specifically, I do doubt whether the economy would have collapsed if the Fed has not bailed out Bear Stearns. The world did not collapse when Drexel Burnham filed chapter 11. The stability and flexibility of the US debt and equity markets are not dependent on Ben Bernanke. David Shemano _______________________________________________ pen-l mailing list pen-l@lists.csuchico.edu https://lists.csuchico.edu/mailman/listinfo/pen-l
