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Technology Stocks : JDS Uniphase (JDSU)
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To: Bill Holtzman who wrote (15114)12/21/2000 4:57:08 PM
From: anicca  Read Replies (2) of 24042
 
OT

Bill

I keep reading that raising the interest rate was good for the economy and supposedly deflated the stock market bubble and how wonderful Greenspam was, but I keep wondering whether interferance in the stock market by the Feds is a good idea. If Greenspan's gameplan was to slow the economy then the rate hikes were OK but it seems to that his main intention was to bring down the Nasdaq market (of course kudos to him for killing all the birds with one stone). Isnt there another way to slow the market without affecting the economy in a major way. I keep reading mostly from bears that what happened to the economy was a good thing otherwise we would be in for a lot of pain the long run, now we are in pain anyway and I think worse off than if he let things alone. Often times I feel that giving so much power to one man is dangerous, there is no checks and balances against this man. The FOMC committee itself seems like a rubber stamp.

I agree with the general agrument that speculation is not
good in general however if people did not speculate/buy in Biotech stocks in the eighties in which some of the companies really made it I know for sure that someone very close to me would not have made it. I am thankful to those investors who made it possible for these drugs to be developed.

Any industry in its infancy has its speculation and if it is let to run it dies its own death, but a concerted effort by an external agency to bring it down may have serious consequences in the long run. I still suspect the interest rate hikes were targeted at the Nasdaq market (the DOW has hardly budged), of course this is eventually going to affect the DOW also. My strong feeling is that the country is going to pay very high price for these rate hikes and is going to have far reaching consequences than Greenspan has even imagined.

Rgds

anicca
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