> From: [EMAIL PROTECTED] (Tom Walker)
> Subject: [PEN-L:12062] Re: Greenspan on Govt. Intervention in Markets
> . . .
> A tool is a tool, Max, and a goal is a goal. One learns to distinguish
> between the two. I wasn't criticizing monetary reflation for the purpose of
> maintaining effective demand and full employment. I was criticizing monetary
> reflation as a supposedly "free market" fix for the consequences of rampant
> financial speculation. I'd say even under capitalism there's a more
The two go together to some non-trivial extent,
don't they? It's not as if the Fed drops off a
bag of money at ailing financial institutions,
by and large, though even then monetary
ease would be implied. By my reckoning, looser
money at almost any point after WWII, putting
aside the energy price spikes and the late
1960's, would have been helpful.
When the rising tide lifts the smallest boats,
it's going to lift the big ones too.
MBS
"Who are you going to believe?
Me or your own two eyes?"
-- G. Marx
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