[From nobody Wed Sep 6 10:21:19 2017 Date: Fri, 28 Aug 1998 18:18:38 EST From: "Doug Henwood"@mr.drew.edu Subject: Re: FWD: Roach sees relief In-reply-to: <B108ZXNQQLO6C*/R=DANIEL/R=A1/U=EDICKENS/@MHS> Sender: owner-lbo-talk <owner-lbo-talk@lists.panix.com> To: lbo-talk <lbo-talk@lists.panix.com> Reply-to: lbo-talk <lbo-talk@lists.panix.com> Message-id: <l03130320b20ceade8835@[166.84.250.86]> MIME-version: 1.0 Content-type: MULTIPART/MIXED; BOUNDARY="Boundary_(ID_srckSf+Sm+ChWQ+/fxct8g)" Delivery-date: Fri, 28 Aug 1998 19:27:00 EST Posting-date: Fri, 28 Aug 1998 19:27:20 EST Importance: normal A1-type: MAIL --Boundary_(ID_srckSf+Sm+ChWQ+/fxct8g) Content-type: TEXT/PLAIN; CHARSET=US-ASCII DICKENS, EDWIN (973)-408-3024 wrote: >Roach calling for an easing of U.S. monetary policy is just talking Morgan >Stanley's book. Roach says to ease now would repeat what the Fed did in >the wake of the 87 crash, but there is a big difference between what >happened in 87 and what is happening now. In Oct. 87, the Fed was >aggressively raising interest rates. In this case, the Fed hasn't raised >rates in over a year. This suggests to me that the current situation is >not a liquidity crisis. And Mexico's crisis in 1994/5 also broke out after a doubling of the federal funds rate. Asia and Russia have broken with dollar interest rates steady and the U.S. money supply growing. If it's not a liquidity crisis, does that make it a solvency crisis? Doug --Boundary_(ID_srckSf+Sm+ChWQ+/fxct8g) Content-type: MESSAGE/RFC822 Date: Fri, 28 Aug 1998 19:27:21 EST MIME-version: 1.0 Content-type: TEXT/PLAIN; CHARSET=US-ASCII Importance: normal A1-type: DOCUMENT RFC-822-headers: Received: from drew.edu by drew.edu (PMDF V5.1-10 #28459) id <01J15CI4FGF691VRQA@drew.edu> for EDICKENS@mr.drew.edu; Fri, 28 Aug 1998 19:25:13 EST Received: from dont.panix.com by drew.edu (PMDF V5.1-10 #28459) with ESMTP id <01J15CI3G4XY91VRM9@drew.edu> for EDICKENS@drew.edu; Fri, 28 Aug 1998 19:25:12 -0500 (EST) Received: (from majordom@localhost) by dont.panix.com (8.8.8/8.8.8/PanixLC1.4) id TAA28749 for lbo-talk-outgoing; Fri, 28 Aug 1998 19:18:40 -0400 (EDT) Received: from mail1.panix.com (mail1.panix.com [166.84.0.212]) by dont.panix.com (8.8.8/8.8.8/PanixLC1.4) with ESMTP id TAA28745 for <lbo-talk@lists.panix.com>; Fri, 28 Aug 1998 19:18:37 -0400 (EDT) Received: from [166.84.250.86] (dhenwood.dialup.access.net [166.84.250.86]) by mail1.panix.com (8.8.8/8.8.8/PanixM1.3) with ESMTP id TAA24296 for <lbo-talk@lists.panix.com>; Fri, 28 Aug 1998 19:18:36 -0400 (EDT) X-Sender: dhenwood@popserver.panix.com Resent-to: EDICKENS@DREW.EDU Resent-message-id: <01J15CI4FM2S91VRQA@drew.edu> X-VMS-To: _IN%"lbo-talk@lists.panix.com" Precedence: bulk --Boundary_(ID_srckSf+Sm+ChWQ+/fxct8g)-- ]