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Technology Stocks : Intel Corporation (INTC)
INTC 37.81-4.3%Dec 12 9:30 AM EST
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To: Tony Viola who wrote (142704)9/4/2001 1:17:16 PM
From: GVTucker   of 186894
 
Tony, RE: Greenspan in his ultra fear of inflation that never reared its head, screwed the pooch. Tech hasn't been this bad since the 70s. Why, if not for monetary policy?

Because the tech industry expanded capacity at an unprecedented rate. That had nothing to do with Greenspan, unless you want to argue that Greenspan should have raised rates sooner in order to prevent that unprecedented expansion, which caused the bubble in part. But raising rates too late does not appear to be part of your argument.

If Greenspan had shared earlier Fed chairmen's inclinations toward inflation and growth, he would have raised rates much more and earlier. Instead, he bought into the New Economy and waited. In hindsight, it can be argued that this whole scene might have been avoided if Greenspan had been a little more aggressive a little earlier with a rate rise, but that would have required him to have unprecedented foresight, and in addition, it might have prevented part of the longest expansion in history.
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