Money Man - On Sept. 11, as Economy Teetered, Unsung Banker Kept It From Crashing

ABCNEWS.com ^ | Sept. 4 2002 | Betsy Stark

[AM2000]

ping

[sourcery]

Very revealing in regards to the power of the Federal Reserve.

[rdb3]

He definitely is "unsung." I'd never heard of this cat.

Thanx for the info. Very interesting.

[ArcLight]

I've heard of him, but I didn't know he was that important. I TOLD you us black folks are taking over! :-)

[ikka]

Does this mean that the billions and billions of dollars entered the economy permanently? If so, this means that money supply has increased about $225 billion between 9/11 and Y2K (they pumped in about 75 billion then too).

[LibKill]

Pretty cool. Mega-Banker steps up to the plate and hits a home run.

We owe him a big 'thank you'.

[AM2000]

No doubt..

[xlib]

So... are we getting an early glimpse of Greenspan's replacement?

[bankwalker]

Pretty cool. Mega-Banker steps up to the plate and hits a home run.

We owe him a big 'thank you'.

This intervention will most likely have unintended consequences down the road a bit.

[BfloGuy]

Does this mean that the billions and billions of dollars entered the economy permanently? If so, this means that money supply has increased about $225 billion between 9/11 and Y2K (they pumped in about 75 billion then too).

Not nearly enough money has been "pumped" in to the economy. That's the reason this recovery is so weak.

The economy wants to grow! There isn't enough money available to let it grow.

[babble-on]

I don't think he's Greenspan's replacement, but he's a very solid guy and an important part of the Fed.

[LibKill]

This intervention will most likely have unintended consequences down the road a bit.

Just about any action does. But the house was on fire, he had to act.

[Lee_Atwater]

Good story on Ferguson - like most central bankers that aren't named Greenspan - he is never heard from in the popular media.

The liquidity injection was needed even without 9/11. Sadly, it always seems to take a crisis for the Federal Reserve to act.

[Aaron_A]

Yes, good insight into the power of the Fed - which IMO has way too much power.

"Centralization of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly".

Think this describes the Fed?

It comes from the 5th Plank, Communist Manifestor, by Karl Marx (1848) :(

[rdb3]

Yeah, right. ;-)

[bankwalker]

Just about any action does. But the house was on fire, he had to act.

I agree with you. However, there are a certain percentage of people out there that don't understand that there are 2 sides to a coin, so I thought I'd throw it out there. It's a slow night.

Enjoy.

[Sangamon Kid]

What a ridiculous assertion that this man is responsible for "saving" our economy. The first dozen or so responses just proves that many modern day conservatives believe in the power of government just as much as liberals do. The only thing accomplished by printing more money is to devalue what's already out there. Face it you devoted acolytes of the Grand Pubah Greenspan, the Fed is unconstitutional, corrupt, and in the end, powerless to save anything.

[mickie]

Geez, you just threw cold water on the parade.....LOL

[Benrand]

The Reverend Meathead Eric Dyson would call this guy a race traitor sucking up to the altar of whiteness.

But this job must have been of a huge pucker factor. Whew.