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Politics : Ask Michael Burke
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To: Freedom Fighter who wrote (66895)8/28/1999 11:49:00 AM
From: Tommaso  Read Replies (2) of 132070
 
Wayne,

The AP story in the morning paper about Greenspan's speech definitely reads it as an expression of concern and a warning of possible action with regard to the inflation of values in the equities markets.

I know that he has said that changing margin rates is not appropriate action for the Fed (why I wouldn't know, since that was a major purpose of legislation following the 1929 crash).

But I would not be surprised to see the Fed bump the initial margin rates up to, say, 60%. It's much too late for this to do any good to help prevent speculation, but everything else he is saying is two to five years too late.

Anyway, the perception of the national press is that the speech expresses concern that people are borrowing and spending against paper profits in the market. Which, as I said, folks posting on this thread and eslewhere have been saying for as long as I have known what SI was.
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