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Pastimes : Alan Greenspan MUST GO:
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To: wdlngduc who wrote (276)3/13/2001 1:11:56 AM
From: Master (Hijacked)  Read Replies (1) of 494
 
Like Oliver Hardy would say, "This is another fine mess you've gotten us into, Stan!"

In this case, AG is Stan. A year ago this month, AG tried fixing something which wasn't broken and somehow he screwed up....as in, screwed up real bad.

I totally agree, a rate reduction is not the solution to our problems, other than being a temporary fix. American investors alone have lost over $4 trillion dollars in capital. Much of it came from family savings. Many folks cashed in their mutual funds and unfortunately took the advice of the highflying snake-oil peddlers of Wall Street and bought into stocks with promises of riches. Those savings are now gone.

Many of the investors who shared in the $4 Trillion dollar loss no longer have the capital to re-inject into stocks. While those that still have cash remaining will no longer trust the markets and jeopardize their little nest-egg. In my opinion, the pain experienced by most of us in this past year will be impossible to forget. With our savings gone it means the markets must wait for a whole new generation of investors before there can be any hope for a recovery and with it a return to new Highs. Just like in Japan, only our children will see the return to new highs.

Thank you Mr. Greenspan for tinkering in what was once a fine tuned machine.

Vince
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