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Politics : The Left Wing Porch
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To: AllansAlias who wrote (4191)2/28/2001 11:27:40 AM
From: Raymond DurayRead Replies (1) of 6089
 
The Angell strategem was completely successful. He turned the tide, along with a little help from his friends, to stauch the red ink before the weekend. This was crucial in order to avoid a scenario like we suffered April 14th and 17th last year when the heavy artillery had to be brought to bear on Monday afternoon. What the FRB is doing is simply buying time and trying to slow the pace that the wind is coming out of the equity market bubble. The game is to avoid panic, and not to support prices, which are still absurdly high on the NAZ.

I fully expect more games like the Angell announcement as long as they are successful at taming Mr. Market's worst propensities.
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