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Technology Stocks : Semi Equipment Analysis
SOXX 299.81+2.7%Dec 19 4:00 PM EST
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To: Donald Wennerstrom who wrote (321)2/10/2001 10:55:26 PM
From: Thomas DeGagne  Read Replies (1) of 95616
 
Don, while I respect your opinion on semiconductor stocks, I disagree with your assessment of this article.

I believe it is very poorly written and overly simplistic. Assertions are made where assumptions should be stated. The author seems to assume that he has a better understanding of economics than Greenspan, that a disaster has occurred, and that a much better job could have been done by many others (including, most likely himself). While I believe that rates were raised a little to much during the first half of 2000, I did not hear anyone stating that this would cause a stock market collapse in the second half.

As the saying goes, hindsight is 20/20. To describe Greenspan's policy as veering from one side of the road to the other is unjustified. One must consider the fact that the majority of economic indicators are coincident or lagging, and that they take time to produce. Economic slowdowns are seldom apparent in advance. In addition, rate changes take a considerable amount of time to effect the economy.

For these reasons rates need to be increased slowly and cut rapidly, which is exactly what Greenspan has done. In a years time I believe that Greenspan will once again be praised as a steady hand on the trecherous currents of international monetary policy.
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