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Politics : Ask Michael Burke
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To: Tommaso who wrote (64085)7/6/1999 4:50:00 PM
From: Freedom Fighter  Read Replies (1) of 132070
 
T,

Good article. AG made his own bed. Unfortunately guys like us are going to have to sleep in it.

The encouraging part is that more and more of the mainstream press is starting to understand how serious the situation is.

One comment on a point in the article. It's true that it is very difficult to say with certainty what the fair value of American business is. There's a lot of subjective interpretations of data and no two people will exactly agree about the future. But we do have over 100 years of market history to look at, numerous models, common sense,
etc... So there's a range of views that most reasonable people could accept. Unfortunately, we are so far outside all reasonable interpretations that the Fed has no excuse for not acting long ago. The situation is plain and simple out of control and quite dangerous IMO. The Fed could have acted under its mandate of sustainable economic growth (depsite the low reported CPI). How can one of the greatest financial asset bubbles ever, fueled by extraordinary credit growth be consistent with the Fed's mandate of sustainable growth? History tells us that all such periods have ended very badly, so clearly the situation demands caution. AG has done nothing but flap his gums and add fuel to the fire.

Wayne
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