Doug Henwood dhenwood at
Mon Nov 8 10:45:07 PST 1999

bill fancher wrote:

>But Greenspan, along with New York Fed President William McDonough,
>stressed that LTCM's rescue was not a government bailout because public
>funds were not involved in the effort.
> "The Federal Reserve Bank of New York's efforts were designed solely to
>enhance the probability of an orderly private-sector adjustment,"
>Greenspan said. "No Federal Reserve funds were put at risk, no promises
>were made by the Federal Reserve and no individual firms were pressured
>to participate."

Right. And it wouldn't have happened had the NY Fed, acting as the executive committee of the bourgeoisie, not been knocking heads.


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