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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts
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To: The Phoenix who wrote (34790)5/19/2000 10:23:00 PM
From: Doppler  Read Replies (1) of 63513
 
My personal opinion is that his big mistake hasn't been raising rates. It has been pumping money into the economy at an unheard of, and unhealthy pace. Rising rates don't mean a thing if you are giving people more access to money.

There is nothing wrong with prosperity. Wealth creation, job creation, and increased productivity, are all well and good, but when created by excesses of borrowed money they don't matter. Most people I know, whether they are wealthy or just living paycheck to paycheck (as many are), are now running into trouble financially because they have too much debt. That's spells trouble, and is a house of cards waiting to fall.

Also, don't believe a word of this BS about no inflation. Look around. Everything except technology costs more these days. But gas doesn't count right. That's what the government says. Tell that to my wallet. My disposable income has been cut into dramatically by rising gas prices. I call that inflation.

I wish he had raised rates just a little, while curbing the money supply. Unfortunately he didn't, so I look at the rate increases as a sort of an insurance policy. You pay the price now to avert a complete collapse later on, which is what we will have in my opinion, if we don't take steps to curb these imbalances now.

Jeff
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