Tim, You might have pointed out that the market ignored Alan G for a long time after his "irrational exuberance" speech. Greenspan managed to get at the stock market only indirectly, by targeting the economy --- but in that sense, and to that degree, I would agree with your broker friend that Greenspan killed the stock market. What is so offensive to some of us economically oriented types is that Greenspan targeted the economy, by attacking growth, when his charter calls for him to address inflation (consistent with full employment). And by doing something other than his job, for reasons that are completely unclear to many of us, we have an economy operating far under its growth potential. That production is lost forever. As a sideline consequence, the stock market suffers -- but we can live with that. I was looking at all those bargains again today... <gg>
As for the idiots who will accuse Bush of causing the economic decline...well, I guess we consider the source. That would be even dumber than giving Clinton credit for welfare reform, budget surpluses, and eight years of economic growth --- imho, of course.
TSO on the podium
((get off the podium, tso.... yes sir!! done Sir!!)) <<GG>> |
