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To: pater tenebrarum who wrote (82621)	1/6/2000 12:13:00 PM
From: BGR	Read Replies (3) of 86076

Heinz, Give the Fed a break and show some humility. They drained because the money was added to buffer Y2K jitters and Y2K didn't blow up like many on this thread (including you) were forecasting. This Fed dealt with Y2K - at least so far - in a perfect manner. Now if they can drain the excess liquidity out of the system w/o causing major upsets in the real economy (and not the asset economy, please note) they deserve a serious round of applause. Now, of course, biased as you are, you must find some ulterior motive in their actions and some underhanded moves to maintain the so-called asset price bubble. But the Fed has publicly stated many times that market index levels are not their concern and the fact that they started to drain after a 7-8% drop in the NASDAQ proves to me that they mean it. Give credit where it is due. Really, the unabashed negativity of this thread that goes in the name of skepticism is amazing! -BGR. PS: I am expecting lower long bond yields as the liquidity leaves the system. Shortly, that should put inflation fears out of the minds of the bond vigilantes and the techs should come roaring back.

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