*Dow Theory Letters, by Richard Russell, September 24, 2008
“The Fed — Veteran subscribers know by now that I never had any use for the Fed and its magic power of creating Federal Reserve Notes out of absolutely nothing. But it was the Greenspan Fed that manipulated rates down to 1% and held them there for month after month — this process gave birth to the great housing bubble, the basis for all our troubles today. If rates had been set by the free market, rather than by the Greenspan Fed, we would not now be in the mess we are in. So it was the toxic combination of Greenspan and the Fed’s powers to set short rates, that gave rise to today’s problems.
What about the current stall on the big $700 billion bailout? Why hell, they’re going to spend tax payers’ money, those lousy Washington ‘socialists.’ Don’t worry, the Dem talk of halting the bill is just that — talk. The bill will pass, despite the nonsense in Washington. I’m sure the backroom ‘deal’ is to blabber away about ‘socialism’ but the bill will pass. Didn’t God whisper to George Bush that ‘That bill must pass!’ Already the bill is faith-based. By George — It shall pass.”
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