Alan Greenspan MUST GO: Message Board

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Pastimes : Alan Greenspan MUST GO:

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To: chojiro who wrote (235)	1/1/2001 1:46:59 PM
From: BWAC	Read Replies (2) of 494

<But putting too much of one's portfolio in speculative stocks, regardless of the sector is a recipe for disaster. EDIT: BTW I was not immune to this either. In the second quarter of the year, I was buying on dips too. Not until August did I finally clean out my long positions and short them with a vengence.> What?!?!? Talk about a speculative recipe for disaster, picture the general public 'shorting stock' with a vengence? Is this what Greenspan intended? For Joe Six Pack to continue his specualtive investing frenzy by venturing into the even more highly speculative business of shorting stocks? J6P could loose even more in this game of power and leverage. Worst he could do buying URHooked.com is lose all his money. Worst he could do shorting it is end up owing his broker. A bunch. What if J6P shorted at the very point in time the URHooked.com became 100% overvalued? Watched in horror as it became 500% overvalued? Did Greenspan intend for the VERY SAME SPECULATIVE throw valuation metrics and caution to the wind momentum investors that ran these stocks up, to switch gears and short them into oblivion? Did he intend to give these speculators a license to raid the entire market? Greenspan targeted the wealth effect. And he suceeded. He provided the impetus and environment that set up one of the greatest transfers and destructions of wealth in history. Loser J6P. Winner Banks, Brokerages, Speculators. Now they can loan it all back out to J6P as the cycle is soon to be reversed somewhat. A terse speech from Greenspan about valuing companies with $1 Million in sales at $50 Billion dollars would have accomplished a much better result. He could have hit the speculators causing the bubble, and left the rest of the economy and middle class alone.

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