Ahh Canada - 2 out of 3 ain't bad Message Board

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Strategies & Market Trends : Ahh Canada - 2 out of 3 ain't bad

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To: Cush who wrote (771)	2/28/2001 2:13:38 PM
From: Cush	Read Replies (2) of 5144

A few excerpts from Greenspan's prepared statement- *Because the extent of the slowdown was not anticipated by businesses ...* He just refuses to acknowledge that he participated in this problem. *... the risks continue skewed toward the economy's remaining on a path inconsistent with satisfactory performance.* No kidding. Startling insight that. ... changes in stock market wealth have become a more important determinant of shifts in consumer spending ... In the fall of 1998, for example, the desire for liquidity became so intense that financial markets seized up. When consumers become less secure in their jobs and finances, they retrench as well. This unpredictable rending of confidence is one reason that recessions are so difficult to forecast. What I see is an old fart who doesn't want to admit he make a mistake, and who feels another inter-meeting rate drop would somehow acknowledge his error. Disappointing testimony, IMO. Cush

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