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Politics : Ask Michael Burke

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To: Merritt who wrote (37412)	11/24/1998 10:24:00 AM
From: yard_man	Read Replies (1) of 132070

>>So I doubt there'll be any meaningful drop until after the impeachment proceeding is resolved. That would probably mean until after the end of this year, taking into account the usual bullish tilt the market has for the Christmas season (or the buy Rosh Hashana dictum).<< Suppose you are right -- the Fed stepped in for the two reasons you mentioned (they probably have several rationalizations for what they've done all along the way, but their policy has been reactive at best). It does not necessarily follow that they can control the markets. At best they can only buy time. The idea that they can prop the market to a specific point in time ascribes too much power to the Fed, IMO. I don't expect that they wanted to see an instant return to the old highs -- look at how quickly this run has occured. I don't really think they can control it. If your thesis is correct -- like MB I hope that there is some unwinding of positions that have been saved for the banks. If not, this has been a colossal waste and the average Joe gets to pay twice -- once when his IRA funds shrivel up in the coming crash and a second time when his taxes go to bail out the banks for their stupidity.

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