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Technology Stocks : CMGI What is the latest news on this stock?
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To: Joel Patterson who wrote (10356)6/17/1999 12:01:00 PM
From: bargainman  Read Replies (2) of 19700
 
More importantly Greenspan said that the Fed's primary focus will remain on price stability, not the equity markets even though stocks may be overpriced. He also said that overreaction to skyrocketing equity prices in the tech sector a few years ago could have stifled growth and innovation that is now proving vital to the economy. Sounded like he was saying that as long as inflation remains in check, with a little tweaking, the Fed would not view its proper role as attempting to moderate a bull market. He even downplayed the lasting effects of the 1929 and 1987 crashes, saying that the country ultimately bounced back from these events. He wasn't saying that these weren't serious events, just that the Fed cannot and should not try to read future market occurances and adjust policy accordingly. The markets were happy about his remarks, as we have seen.
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