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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 683.70-0.3%4:00 PM EST
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To: George Martin who wrote (72537)3/18/2001 5:29:55 PM
From: Rob S.   of 99985
 
All true but I think that everyone is using the FED as a great scapegoat for dumb investment decisions in hyper-inflated vapor-profit stocks. Don't forget that the FED also contributed to blowing up the bubble by reducing interest rates and other measures to increase liquidity a few years ago. The world was awash in excess liquidity that was needed to keep foreign economies from defaulting on their huge debts. That set the stage for the wildest speculation and divergence between the tech darlings and other areas of the economy that has ever been seen by far. The rise in interest rates was not needed to stem inflation but was needed to bring dipsy investing (allocation of resources) back down to some semblance of reality.

I'm glad the wild and crazy ride has become more rational. There is nothing wrong with the economy. There is no recession except for hyper inflated pig sectors. Everything is fine and Greenspans is doing a splendid job as far as I am concerned. The FED kept the hatch battened down long enough to wring out most of the excesses.

What's wrong now? Interest rates aren't high and are coming down. If they can perform the market will reward them. The FED's actions are secondary to real (rather than fantasy) business reality.
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