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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: ItsAllCyclical who wrote (82127)12/19/2000 7:13:52 PM
From: The Ox  Read Replies (5) of 95453
 
Jim,
I don't believe that AG cut rates twice between meetings to 'simply' prop up the market. AG cut rates because he had to prevent a worldwide meltdown that was about to charge past the point of no return. Many folks saw AG's action as a reaction to a falling US stock market. I believe the FED was reacting to the global financial crisis (which had little to do with the US stock market directly). AG is not here to 'save the day' for US stock market investors and those who think that's his job are way off base. His concerns are much wider in scope than those of the average US retail investor. We saw this today. If AG wanted to prop up the market, we would have seen a rate cut today.
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