Sep 27, 2008

Alan Greenspan's response to the '87 Crash

The Federal Reserve, consistent with its responsibilities as the nation's central banker, affirmed today its readiness to serve as a source of liquidity to support the economic and financial system.

~ Alan Greenspan, Federal Reserve chairman, October 19, 1987

(On October 19, the Fed reversed their September 4 rate hike, lowering the Fed funds rate from 7.25% to 6.88% in an emergency inter-meeting move.)

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