Alan Greenspan MUST GO: Message Board

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Pastimes : Alan Greenspan MUST GO:

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To: Archie Meeties who wrote (170)	6/7/2000 11:36:00 PM
From: BWAC	Read Replies (1) of 494

<See you next time the markets correct.> Does pointing out bad policy have to be associated with a market correction? It really makes no difference. Raising Interest rates had little or no effect on anybodys spending habits except for those which could hardly afford to make ends meet anyway. And I assure you, capital gains and the market are far removed from their mind. Who can save a dime to invest, when your $30K median household income was barely supporting the family to begin with. And then the Fed adds $100 per month to your adjustable rate mortgage and another $100 to your consumer debt and the used car you bought for the 16 year old. Not to mention you had saved for that teens college education and invested conservatively in banks and consumer conglomerates only to find yourself down 50% at fire sale prices. Meanwhile, the gamblers and speculators and daytraders continue right along bidding crap companies to insane Billions in valuations. Creating the illusion that the whole entire market is overvalued. Which it obviously isn't as US AIR got a 110% premium bid. And many other fine companies are trading at PE's well under 10 and damn near book value. But hell no, the MARKET is overvalued. Got to attack the gamblers, speculators, and daytraders with interest rates to cure this. It is all just pure baloney. The interest rates disproportionally affect those which can tolerate the extra expense the least. It is a bad policy period. Market up or down. Get out of your protected money shell and objectively look at the state of the less fortunate in your community.

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