Limtex,
[warning: OT--->some market, AG ramblings]
Are you actually Luber? Sounds a little like you, albeit toned down a bit:
capitalismmagazine.com
Excerpt:
<<Ever since Alan Greenspan decided that his job was to target equity prices more than a year ago (even though he lies through his teeth in this regard), performance hasn't mattered. The only thing that matters is investors' perception of what Alan Greenspan is going to do, when he is going to do it, and what he is going to say after he does it. If Alan Greenspan were to develop a sudden case of lockjaw, the markets could just as well close.>>
Zeev has already commented on Luber's POV on the Channel thread, to the effect that it wasn't AG's fault that people threw money at the dot coms and a few hundred other companies perceived as "New Economy" stalwarts. This is surely true, but on the other hand, while Luber somewhat exaggerates AG's inconsistency, it is only somewhat exaggerated. Perhaps though, AG's biggest problem was that he took the doom sayers word that Y2K was going to be a disaster too seriously, and flooded the markets in 1999 with unneeded liquidity, liquidity which made its way mostly into the stock market, and which then had to be reversed. He erred in '99 by giving too much, and in '00 by taking away too much.
Of course, Bush/Cheney talking the economy down doesn't help matters either.
All IMHO, of course.
Sam |
