OT: The Dismal Science
Greg,
, I really thought were entering something magnificent, There were a tremendous number of us who were caught up in that particular delusion. I for one.
Re: no reason for Greenspan to have quicken the pace.
Hmmm, GNP running at 7% 2H99, unemployment 3.9%, oil spiking. I trust you are kidding about the demise of the dot.bombs. The best thing for the retail investor in all likelihood would have been for the monetary brakes to have gone on sooner rather than later. There's been $1.7 Trillion lost in Dot.not valuations. Not all of it is real pain, but 98% of the real pain has been suffered by the insufferable retail investor who couldn't get out of the way when it came to shooting himself in the foot. Trying to assure himself that a panicked populace wouldn't blow the economy up over hysterical apocalyptic visions of millenial meltdown, Greenspan inadvertently lit the candle under the NAZ rocket.
That Greenspan has the power to create and the power to destroy in the equity market is not a question in my mind. He does. Just now, I believe he's not going to come to the aid of a pack of rabid speculators who've turned honest equity markets into frothy casino operations. So, we'll be stewing in our own juices for quite a while yet.
For my rather more upbeat view of how we get out of the Thrilla in Vanilla, you might want to take a peek here:
Message 14820890
Bye, Ray |
