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Strategies & Market Trends : Take the Money and Run
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To: Dave Gore who wrote (8681)7/16/2002 11:52:56 AM
From: Jorj X Mckie  Read Replies (1) of 17639
 
the only thing that I agree with on that is that we shouldn't overreact with burdensome regulations.

But I don't see *any* indication that the CEO/CFO abuses are a thing of the past.

I thought the rest of his speech was more mealy mouthed "fedspeak", that when you parse it, will show that while he was saying reassuring things, he would follow up with some equally disturbing information. You could always tell when some more ugly info was coming because he would be embellishing some positive aspect of the economy first.

I consider Greenspan to be the single largest factor in the creation and subsequent collapse of the bubble. He's more interested in playing politics and being deified than actually creating a healthy economy.

And that smug little smirk that he had when the senator was telling him how the stockmarket was reacting to his speech was the proof in the pudding about what his true motivations are.

The most interesting parts to me were where he was saying that corporate capex continues to be weak and that consumer spending seems to be weak, but at least real estate has gone up so we have all the home equity to tap. He also pointed out that low interest rates have helped auto sales. Which is likely true, but it is robbing future sales so that we can satisfy our need for immediate gratification.

And he completely dodged the question that focused on the weak dollar. He deferred that to the treasury secretary. But when the dollar was strong, he certainly took credit for it and expounded about how important a strong dollar was.
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