Bill Fleckenstein, the BEAR! Is he finally right? Message Board

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Strategies & Market Trends : Bill Fleckenstein, the BEAR! Is he finally right?

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To: Tommaso who wrote (218)	4/2/2000 10:49:00 PM
From: Duane L. Olson	of 259

T-- Excellent assessment on Alan G. Much of the latter stages of the stock market boom was almost certainly caused by the Fed's enormous expansion of the money supply. They had "good reasons" to provide extra liquidity during the Asian crisis and in the face of the Y2K "crisis"... but rather than reversing that liquidity (which was done to some extent, to be sure), the Fed instead started boosting interest rates. The only rationale for this would be to target economic growth (instead of inflation) -- certainly not the Fed's job, and to target stock market levels -- again, not the Fed's responsibility. I fear that these actions have virtually assured a fairly severe "correction" during the second quarter. ((Yes, I will admit that I joined the party and made those fabulous profits on tech stocks and small caps, but my accounts are 63% cash as of last week, and I expect to unload the balance on the first "dead cat bounce" off the first expected plunge here)) ... FWIW... Just wanted to indicate my concurrence before you were proved to be so (unfortunately) correct <G> tso

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