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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: RocketMan who wrote (32111)2/28/2001 6:07:25 PM
From: CAtechTrader  Read Replies (1) of 65232
 
Rocketman, that one one incredible observation you made a year ago. I mean REALLY good. Greenspan is just too old now to handle the job, even my 70 year old Father agrees that the economy should be in a younger man's hand. Today Greenie fumbled on words and gave at times totally contradictory testimony. The FED was way ahead of the curve in tightening last year and way behind the curve now. The FED is backed into a corner of their own making, Greenspan does not like being in a corner, even if he put himself there. This former acolyte of free market loving Ayn Rand clearly distrusts the interest rate markets, otherwise he could not allow himself to get so far behind them, or is it the case of moral hazard, where ego now keeps Greenie from doing the right thing. Anyway the result is chaos. Did you see the warning from GTW today...that is the warning following the warning following the warning...the economy is imploding in certain sectors...GTW even had to factor $500 mil in receivables...GTW is a pretty well managed operation, not some dot.com...despite this, no one at the FED appears in any hurry...now it has gotten to the point of "well if we cut rates, it will look like things are weak and we are panicking"...well things are weak and it would be refreshing to see a FED "panic" when "panic" is appropriate.
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