Fed cuts rates; crisis over?

Patrick Bond pbond at wn.apc.org
Sat Oct 17 01:56:33 PDT 1998

> BTW, whatever happened to the Japanese idea of giving each citizen a pile
> of money that only had value if it were spent immediately? was this totally
> shelved and replaced by the bail-out of the banks?
> Jim Devine jdevine at popmail.lmu.edu &

I was wondering about this too; it was the lead headline in the FT of 6 October.

On the interest rate cut, Doug, I'll share with you that airplane chat comment from Stiglitz, the day after Greenspan's (9/29) first 1/4% cut (paraphrased): "That won't make any difference at all to profit rates or investor expectations anywhere -- it's just to show that someone has a hand on the tiller during the storm."

Patrick Bond HOME: WORK: 51 Somerset Road University of the Witwatersrand Kensington 2094 Graduate School of Public and Johannesburg, South Africa Development Management Phone: (2711) 614-8088 2 St.David's Road, Parktown E-mails: pbond at wn.apc.org bondp at zeus.mgmt.wits.ac.za Work phone: (2711) 488-5917 Fax: (2711) 484-2729

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