no hard feelings. Never were any. -- JD On 5/15/05, sam gindin <[EMAIL PROTECTED]> wrote: > Not trying to be argumentative! I agree and my equally weasel qualifier may > indeed have been redundant. > > -----Original Message----- > From: PEN-L list [mailto:[EMAIL PROTECTED] On Behalf Of Jim Devine > Sent: May 15, 2005 9:05 PM > To: [email protected] > Subject: Re: [PEN-L] more hedge fund angst > > sam gindin wrote: > > Not necessarily. The Fed can maintain its general policy and intervene > > selectively to deal with a specific emergence (as long of course as > > its specific, not generalized). It did this re the Long term Hedge > > Funds and other potential major bank closures in the 80s and 90s< > > what I said was:>if there's a financial problem due to big Hedge Fund > melt-down(s), the Fed may find itself between a rock and a hard place (to > use the late Hyman Minsky's phrase). Saving the Hedge Fund and stopping the > spread effects of a default goes against the Fed's current anti-inflation > goals.< > > my statement was so well hedged (or if you wish, so filled with weasel > words) that "Not necessarily" is irrelevant. In other terms, I was saying > that the larger the meltdowns and their spread effects, the larger the > _possibility_ of a rock/hard place problem. > JD >
-- Jim Devine [EMAIL PROTECTED] http://myweb.lmu.edu/jdevine
