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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: pater tenebrarum who wrote (75950)11/17/1999 5:29:00 PM
From: Ken98  Read Replies (1) of 86076
 
<<biggest financial accident of all time...>>

Heinz, the use of the term "accident" implies that it could have somehow been avoidable, when in fact it was VERY avoidable. It will be a f*ck up of grand proportions, the blood of which will clearly be on the Fed's hands.

If Asymmetric Al would have let market forces work last Fall it would have avoided the further expansion of the bubble and taught a much need lesson in moral hazard. But history will judge that third rate cut as one of the most negligent acts of central banking ever, which was only to be exceeded by the grossly negligent failure to take it right back in the Spring of this year.

And they show no inclination to stop doing what they have been doing based on today's coupon pass and related activities. I was prepared to give them some measure of credit for stepping up to the plate yesterday and raising which was surprising in itself. But then they come in today and pull the same nonsense - it never changes.

Speaking of screw-ups. Can you imagine the awe-inspiring confidence that feckless, no-neck Summers will provide when the poop hits the fan and he has to come out and say "everything's OK". He sure ain't no Benson or Rubin.

Regards, Ken.
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