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Safe Haven | The Fed Opts for Growth, Ignoring Imbalances and Inflation
Safe Haven | The Fed Opts for Growth, Ignoring Imbalances and Inflation
Richard Russell dug up the following quote from Alan Greenspan - from 1996:
"The excess credit which the Fed pumped into the economy spilled over into the stock market -- triggering a fantastic speculative boom. Belatedly, the Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in braking the boom. But it was too late: by 1929, the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and consequent demoralizing of business confidence." Alan Greenspan, The Objectivist, 1966
Richard Russell dug up the following quote from Alan Greenspan - from 1996:
"The excess credit which the Fed pumped into the economy spilled over into the stock market -- triggering a fantastic speculative boom. Belatedly, the Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in braking the boom. But it was too late: by 1929, the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and consequent demoralizing of business confidence." Alan Greenspan, The Objectivist, 1966
Thursday, May 19, 2005
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