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Strategies & Market Trends : Bill Fleckenstein, the BEAR! Is he finally right?
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To: Colleen M who wrote (215)3/1/2000 8:14:00 AM
From: Tommaso  Read Replies (2) of 259
 
There is a big difference between what Greenspan's Fed is doing and what it is perceived as doing.

In the latter part of 1998 and again in the latter part of 1999, the Fed allowed huge increases in the money supply--in fact, stimulated them. The first time it was to stop the contraction of credit following the problems with Russian debt and the failure of Long Term Capital Management. The second time it was to stave off a supposed Y2K banking panic that never happened. In both cases, Greenspan's Fed attempted to anticipate a collapse. But the result is that at the end of two years, the money supply is hugely over expanded, credit has been much too easy, and we have a stock market bubble like none that this country has ever seen.
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