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Re: Greenspan, friend of Bill
- To: PEN-L@xxxxxxxxxxxxxxxx
- Subject: Re: Greenspan, friend of Bill
- From: Jim Devine <jdevine03@xxxxxxxxx>
- Date: Sat, 15 Sep 2007 17:26:29 -0700
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well, the power of the Fed -- and the bond market -- arose only with
the fall of the Bretton Woods fixed exchange-rate system. Before that,
the Fed was largely passive. Fiscal policy ruled the roost, though
often for ill rather than for good.
Michael Perelman wrote:
> Woodward paints the scene that followed:
>
> At the president-elect's end of the table, Clinton's face turned red with anger and
> disbelief. 'You mean to tell me that the success of the program and my reelection
> hinges on the Federal Reserve and a bunch of fucking bond traders?' he responded in
> a half-whisper.
--
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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