Tom Dickens' research suggests otherwise. On Sat, Sep 15, 2007 at 05:26:29PM -0700, Jim Devine wrote: > well, the power of the Fed -- and the bond market -- arose only with > the fall of the Bretton Woods fixed exchange-rate system. Before that, > the Fed was largely passive. Fiscal policy ruled the roost, though > often for ill rather than for good. > > Michael Perelman wrote: > > Woodward paints the scene that followed: > > > > At the president-elect's end of the table, Clinton's face turned red with > > anger and > > disbelief. 'You mean to tell me that the success of the program and my > > reelection > > hinges on the Federal Reserve and a bunch of fucking bond traders?' he > > responded in > > a half-whisper. > > -- > Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own > way and let people talk.) -- Karl, paraphrasing Dante.
-- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
