Interest Rate Theory, Cont'd.

[Max Sawicky]

> . . .
> So U.S. administration economic policy is reduced to (i) fiscal discipline
> (to try to get investment and productivity growth up), and (ii)
> begging the
> Federal Reserve to behave (which it has... mostly... so far...)
> . . .

If C=Clinton, G=Greenspan, L=Lewinsky, then:

      C/L = G/C

The Reagan Administration's rhetoric re: the
Fed was more vigorous than their successors,
though they probably did it with a wink.

MBS