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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: tradermike_1999 who wrote (1545)12/21/2000 7:56:30 PM
From: tradermike_1999  Read Replies (4) of 74559
 
working on a piece on the myths of the new economy, about 10 pages long now. Expect to have it finished this weekend. A lot of material used from the excellent Tom Frank book - One Market Under God.

What a wild mess - rumors that Greenspan held a conference call with the other Fed managers to cut interest rates. A fakeout rally on the Nasdaq. Probably more downside to come. Confusion at the Fed. This past weekend there were two articles about the Federal Reserve and what it would do Tuesday. One was in the Washington Post and another in the Wall Street Journal. Both were obviously based upon leaks/interviews from members of the FOMC. One article hinted that inflation was still a large danger and the Fed would probably go to neutral. The other article said that there was a risk of inflation and the Fed would soon have to cut rates and could at the meeting. At the very least it would change it's bias towards fearing recession. That is what eventually happened. But the articles and leaks revealed that there is a split on the Federal Reserve Board. There was wide disagreement on what to do before the meeting. The Fed members are divided on how they see the economy. There is a lot of confusion and the economy is in a very difficult situation. Just cutting interest rates isn't a clear solution to fix the economic imbalances that exist. The damage will take time to be repaired.
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