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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Wally Mastroly who wrote (12448)3/14/2000 5:53:00 AM
From: Justa Werkenstiff  Read Replies (2) of 15132
 
Wally: Re: Batman: "More importantly, the Federal Reserve should soon relinquish its effort to push rates higher as output growth continues to back off from its annual peak
of 4.5 percent in 1997. Prices should continue to remain stable as no new data is suggesting resurgent inflation."

Gee, Batman is not concerned about the Fed. because they will come around to his way of thinking. Yeah but I am sure Batman is just the kind of guy the Fed. can't stand. Guess Batman does not think the Fed. is being preemptive against inflation. Guess "unsustainable growth" means nothing to him.

Re: "Both consumption and investment spending has withstood this most recent period of four rate hikes with indifference toward the Fed's actions."

And this is good news with the Fed.'s stated goal?

Re: "With no sign of the illusive inflation menace I believe the Federal Reserve will soon moderate on policy matters and the financial markets will again rally."

Sure if you get sustainable GDP before inflation appears in the pedestrian numbers. But "click your heels and believe" is not my idea of market analysis.

I think Batman should spend some time listening to Greenspan and his buddies. But maybe he has and does not take them seriously. Well, that is the problem with the Naz anyway. The Naz is laughing at the Greenman. But that is the Greenman's fault because he has told us of his gradualist approach and has said he would rescue the markets. But secretly the Greenman must be looking for cover in some inflation spike to do his stuff becasue he believes that the economic growth is unsustainable. And if the Naz increases in value in its momentum move, Batman had better look up the word "imbalance." The Naz is becoming an "imbalance" in the economy.

What seems to be happening is that the market has been told by its sugar daddy, the Greenman, that it should not go up more than 6.5%. Well, we can deal with the "old" economy stocks. They have historical valuation metrics. Look at MRK, for example, which was Batman's favorite stock last year. But try to discount dreams. And there has been a flight to dreams as people refuse to accept the Greenman's idea of stock appreciation. The market is like a child throwing a tantrum. Guess we will have to see how good a daddy the Greenman might have been.
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