The nearest thing, in economic terms, to waving a flag in front of a bull is to raise the memory of that great Amer ican trauma, the stock-market crash of 1929. Last week, in the midst of record prosperity, one of the nation's senior economic policymakers waved the red flag and thereby showed how both ered and uncertain even the healthiest of bulls can become. With some well-timed but somewhat ill-chosen words, William McChesney Martin Jr., pres tigious chairman of the Federal Reserve System, brought out the mercurial char acter of Wall Street psychology, which finds it hard...
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