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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: IceShark who wrote (7042)7/28/2000 10:03:37 PM
From: pater tenebrarum  Read Replies (1) of 436258
 
Greanjeans, 1994:

Greenspan, March 4, 1994 Federal Open Market Committee meeting:

"When we moved on February 4th, I think our expectation was that we
would prick the bubble in the equity markets. What in fact occurred is
that, as evidence of the dramatic shift in the economic outlook began to
emerge after we moved and long-term rates began to move up, we were also
clearly getting a major upward increase in expectations of corporate
earnings. While the stock market went down after our actions on
February 4th, it has gone down really quite marginally on net over this
period. So what has occurred is that while this capital gains bubble in
all financial assets had to come down, instead of the decline being
concentrated in the stock area, it shifted over into the bond area. But
the effects are the same. These are major capital losses, which have
required very dramatic changes in the actions and activities on the part
of individuals and institutions."
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