I don't see why you guys are overanalyzing what Greenspan said. It just doesn't matter. He has raised rates twice and we are at new market highs. He said the "irrational exuberance" comment at the 6600 level. Nobody looks at the numbers anymore. Even Fleck commented in the Rap the other day that people and mutual funds are just locked into a few of these stocks, mostly high tech, and they just aren't selling, regardless of anything. It is a pyramid.
I talked to my mother from South Dakota today and she told me she is going to buy their first computer after Y2K is over. She mentioned she would buy it from Gateway. They are retired farmers. I asked her how she heard of Gateway. She said that some of their farmer friends had bought some Gateway stock at 15 and now it is at 70. Now when I was helping out on the farm, you wouldn't catch any real man sitting at a desk punching keys, let alone being in the stock market. There is just too much work to do. Besides, you would have grease and dirt all over the keyboard <g>. Anyways, it just shows the mania is in full gear and reaches all the way to the roots.
But my point is that nothing is going to matter until the "Bad Thing" happens. People just aren't going to sell until their foundation is shook. I'm not a bull. I am not advocating buying since the bad thing could happen at anytime and the pyramid needs more and more money to lift it. But, since numbers don't matter right now, you have no way of knowing when the random event will happen. Therefore, analyzing any economic data is fruitless...(nothing personal, you were first name that came up <G>)
DJessen33 |
