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Technology Stocks : CMGI What is the latest news on this stock?
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To: Mark Peterson CPA who wrote (12770)8/30/1999 5:44:00 PM
From: bargainman  Read Replies (2) of 19700
 
<<Jim, if AG starts administering fed policy based on what the stock market may or may not do, I think there's going to be a virtual Y2K version of the Boston Tea Party.>>

Mark -- Amen to the above comment. What can he be thinking? It is totally without precedent for the Fed to make itself a market monitor. I thought that was the SEC's job. It runs counter to the idea of open market. Surely they wouldn't engage in such folly at least without Congressional hearings. As you say, the Fed has never acted to bouy a down market by lowering rates, where do they get off trying to act like a wet blanket on an up market. There are many good economic thinkers out there who believe that many of these "overvalued" techs will eventually rack up the earnings to more than justify the currently high P/Es. But it also is up to the individual investor to be responsible for his choices, be they bad or good. AG, hands off the Market!
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