>I think there are cross purposes here. I never read Enrique as saying that
>the MMMFs were immune to a Fed tightening; I thought he was saying that the
>MMMFs were a secondary, uninsured banking system, and that money and credit
>figures which didn't take account of this sector were therefore flawed.
At 6:38 PM -0400 4/8/00, Enrique Diaz-Alvarez wrote:
>If Noland is right, and his argument does sound more persuasive, the Fed
>has effectively lost control over the US financial system.