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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (30752)	2/24/2000 10:19:00 AM
From: sandeep	Read Replies (1) of 50167

Ike, I have enjoyed your posts for over 2 years. In this case however, you give too much credit to Greenspan. He used to follow the market in the past. Now, he has taken to shaping the market. His tone displays that he believes what you are saying "this Chairman knows better than anyone else in the town". This is dangerous. One man should not be allowed to terrorize the markets like he has been. He says that the wealth effect of the market could lead to inflation, too many people are finding jobs etc. None of his interest rate raises are reducing the new economy market advance. Wealth effect is in fact increasing... While this is going on, the old economy stocks are getting crushed. Now, some would say that some of these companies could disappear due to innovations made in new economy companies, but should Greenspan hasten this by choking off the growth in the old economy businesses, and making execs of these companies flee to new economy companies due to their exploding stock prices ? This is what is happening. Just today, CFO of Citi left for Priceline! Could financial gain through stock options be the ONLY reason ??

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