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Frank, Frank, Frank ... you need to take something for that ... valium, maybe. Greenspan is not responsible for the "frenzy" of selling that has you so cranked up. A lot of people thought it was time to take their profits, and handsome profits they are. Those who overreacted to a few Greenspan remarks taken out of context fall into that larger genus that H.L. Menken long ago dubbed "Boobbus Americanus," his term for the brainless masses who follow the crowd. I was proud of Hank, as a matter of fact, as he tried vainly to educate the Republican majority on basic economics. Such as: Let's not spend the surplus before we have it to spend. But, as we have seen, the message fell on deaf ears as the Republicans took their usual quick fix by offering tax cuts in hopes of pandering to the lowest common denominator of voter sentiment. The most important government action contributing to our current prosperity is the effort to reduce the deficit, as Hank G. has said. He also urges that the first priority for the surplus be to pay down the deficit. As a father and a grandfather of those who will otherwise have to pick up the tab for our profiligate spending, that is also my first priority. Anyway, Frank, it is YOUR responsibility to manage your investment portfolio, not Hank's. His job is to say it like it is, and he has been doing his job very well. |
