- May 25, 2002
- Professional Status
- Certified Residential Appraiser
The Federal Reserve, which yesterday announced its first emergency rate cut since 2001, is ignoring history's lessons and risks re-igniting more asset bubbles, economists at the World Economic Forum annual meeting said.
The Fed is saying ``we are there to clean up after bubbles first rather than to prevent the danger,'' Stephen Roach, Morgan Stanley's Asia chairman, said in a panel discussion in Davos, Switzerland. ``It's a dangerous, reckless and irresponsible way to run the world's largest economy.''