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Politics : Ask Michael Burke

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To: Earlie who wrote (87051)	12/17/2000 12:16:22 PM
From: Tommaso	Read Replies (1) of 132070

"It simply took me far too long to recognize the mania for what it was. Best, Earlie" Nobody could possibly foresee that the apparently conscientious Federal Reserve would finance speculation as it did. When you were shorting I was buying BEARX, and it remains to be seen when I will ever get my money back on that. I think I will, but I was actually getting out of BEARX in late 1998 and expecting a much greater fall, when all of sudden the Fed turned things around with that string of interest rate cuts and kept it going with the Y2K currency bubble. The graph of the monetary base at the end of 1999 looks like a cross-section of the Matterhorn. I haven't checked when I first put in my short position on XLK but it was much too soon. Happily I was simultaneously making enough money on LEAP puts that went my way, at least temporarily, so I was able to maintain the short position to the very top and then ride it down. Something like 65 to 35. I now view Alan Greenspan with the uneasiness that Stauffenberg felt about Hitler. No, that's an exaggeration. But the guy enjoys such prestige that no one can imagine that he has actually done some very unwise things.

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