Alan Greenspan MUST GO: Message Board

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Pastimes : Alan Greenspan MUST GO:

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To: Ted Downs who wrote (261)	2/14/2001 12:15:52 PM
From: wdlngduc	of 494

Ted, sorry to be so late to respond. I wish I could share some of your optimism about the future of NASDAQ, but I can't. The PE of the total NASDAQ market is outrageously high because of earning shortfalls, so the outlook remains guarded, especially on the so-called favorites. The 'beloved' stocks of yesterday are now being sold down, and hard. Greenspan is flooding the banking system trying desperately to undue his egregious mistakes, especially that fifty basis point hike in May, 2000. One hundred and forty-five thousand employees in January are paying the price for six unwarranted rate hikes over a twelve month period! What a killer! Those poor souls think it was just the vagaries of the economy that caused them to lose their jobs. If they only knew that this recession was orchestrated by one man! I believe he will panic again and drop rates further before the next FOMC meeting in late March. The market would probably take that as a sign of weakness, like pushing on a string! Oh, what a mess this man has created. I fear it will be difficult to turn things around anytime soon. So, in a word or two: I'm bearish!

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