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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Oblomov who wrote (47026)12/13/2000 10:44:31 AM
From: Perspective  Read Replies (2) of 436258
 
<I distrust the idea that events are "inevitable". >

When you load a spring, and then release, the spring behaves in a very predictable fashion. The cumulative actions of millions of clowns has loaded the spring; Greenspan is merely letting it uncoil naturally. The action of the spring itself may make it impossible for Greenspan to get hold of it again and prevent the natural release. If the spring is moving too quickly, even he doesn't have enough force to stop it. He only has finite inertia.

The "spring" is the debt market. The load is the bubble. While uncoiling of the bubble isn't predetermined, it is virtually impossible to keep it from happening. What most people don't understand is that the only time the bubble's downturn could have been prevented was by slowing things during the boom. Now we're falling back to earth and it's merely a matter of steering us into a tree instead of the rockpile that lies straight ahead.

And rest assured - our economy is on equally precarious footing as Japan 1990.

BC
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