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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 78.03+0.8%Nov 14 9:30 AM EST
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To: Jorj X Mckie who wrote (44962)12/19/2000 4:36:22 PM
From: Frank Ellis Morris  Read Replies (3) of 77399
 
Technology Tanks after Fed Meets. Mr Greenspan would do the country well
to resign.

Thanks for the no action Christmas present Mr. Greenspan. "The Fed's
interest-rate-setting Federal Open Market Committee warned the economy
was slowing so fast that there was a risk of a sharp downturn. The warning,
interpreted as a signal that the central bank would slash interest rates in the
future, was a disappointment to some investors who had bet that the U.S.
central bank would take an even more
aggressive stance.

"I think the market had priced in some chance that they actually could cut rates
today," said Scott Brown, chief economist at Raymond James And Associates.
"But they sort of
met the markets halfway today. A January 31 rate cut is almost a done deal,"
he said.

It was my long stand that the reappointment of Allen Greenspan as head of
the Federal reserve was a grave error. Today was the last straw of patience
as once again hostility and aggression bias against the US economy was the
norm. Today's action was not only infuriating and contemptible but
downright despicable.

Mr Greenspan should be named Mr Redspan or the Grince who stole the
spirit and confidence of the American investor. I would urge that all of us
write to our leaders and voice our strong disapproval of the Feds unrelenting
hostility. If anyone wants to write and tell me how wonderful Mr. Greenspan
has been over the past gazillion years spare me the bullshit and take it
somewhere else. I think most of us had enough of this hostility and
disappointment and are completely Fed up with the Fed.

The news about Cisco is another casualty on the long string of disappointing news and the Fed has the nerve not to lower interest rates. They are the ones that caused the collapse of the economy and now want to ignore the ramifications

Frank
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