Alan Greenspan MUST GO: Message Board

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Pastimes : Alan Greenspan MUST GO:

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To: Grandk who wrote (8)	5/24/2000 2:11:00 AM
From: glowindark	Read Replies (2) of 494

I certainly agree with the premise of this thread. Greenspan worried that the bubble would burst, so he burst it. Rather than let the market seek its own level, his series of rate hikes and constant jawboning destroyed the wealth of a large majority of mainstream America. The professionals in the market have made a killing on the short side, while those who listened to Wall Street advice to buy and hold are broke. No one, not even Greenspan, should hold that much power. He is accountable to no one and does not need to justify his actions to any "controlling legal authority." Unfortunately, there are too many in influential positions who give him credit where no credit is due. He has been trying to destroy the market for at least 6 years. Well, he's finally succeeded. There is no way the NASD will return to 5000 in the next five years. While I am sure he has no intention of accepting the blame for the current fiasco, it is interesting to me that the indicators presaging inflation didn't begin to look ominous until the 4th or 5th rate hike. Could the rate hikes themselves be inflationary? Why wouldn't prices rise to help pay for the higher interest load? gid

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