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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: limtex who wrote (10389)10/30/2000 8:47:26 PM
From: RocketMan   of 65232
 
This is the worst crash since 1974 and possibly this century. It odesn't look at all like it but for the popular stocks it has been so.

I would say 87.

We have in Mr Greenspan someone who I feel despite his oft repeated denials has targeted the NAZ and by an interest rate regime that is too tough too long. He shows no sign of making any concessions here.

I am not a greenie fan, but it is not him... he has become too ingrained in the system to make much of a difference. As I was posting nine months ago, when everyone was praising greenspan and the fed, this group of dismal economists has become the fourth branch of government. Greenspan is just their spokesperson.

And I don't mean to criticize the fed just because of their excessive raising of rates during a time of increasing productivity and low inflation. The problem goes back at least to the Asian crisis and before, their excessive infusion of federal funds, using the american taxpayer to bail out inefficient foreign governments and economies. Throwing money at russia, that goes into the pockets of despots. Throwing funds at indonesia, at japan ... and, last but not least, at the y2k phobia. Creating a market bubble, and then bursting it with six successive hikes.

Make no mistake, their raising rates had little to do with their worries about inflation. It was all about the market bubble that they themselves created.
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