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Fed Board Member Disagrees with Greenspan, Advocates Sharp Rate Cut.

Las Vegas Review-Journal (Las Vegas, NV)

| March 26, 2001 | COPYRIGHT 2007 Las Vegas Review-Journal. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: John G. Edwards

Mar. 24--Former Federal Reserve Board member Wayne Angell said Friday that the central bank needs to lower interest rates fast, rather than slowly and painfully.

"The worst thing that the Federal Reserve could do is take the (interest) rate down gradually," Angell said.

"The faster the Fed does the job, the better off we are," he added.

Now chief economist of Bear, Stearns & Co., Angell made the comments during a speech at the Stephens Fixed Income Investment symposium, which ended Friday at the Monte Carlo. He served on the Federal Reserve Board between 1986 and 1994.

Despite the sell-off in the stock …

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