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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 681.43+0.2%4:00 PM EST
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To: Rob S. who wrote (72536)3/18/2001 9:30:04 AM
From: Ted Downs  Read Replies (2) of 99985
 
Rob,
I was going to reply to your "Why does everyone bash Mr. G. " remark. I think you got enough responses on that so far. In going back to 1990-1991 Greenspan screwed up there significantly, but was bailed out by a new age in productivity and the Clinton "prosperity years" which in fact Clinton had not a damn thing to do with. Both Greenspan and Clinton were the beneficiaries of a wonderful time. Until Greenspan started targeting the markets with higher interest rates things were rolling along fine. The way to rein in a speculative market would have been to raise margin requirements not to destroy business enterprise. Greenspan screwed up big time and now he is between a rock and hard place. He can't lower aggressively without causing financial collapse in Japan. That may occur anyway but all of this has come about because of Greenspan's concern and obsession with speculative markets. Japan was in a fragile state before this debacle now their financial state could take us all down.
The banks are now Greenspan's primary responsibilty and he could care less about the stock market. Yes Greenspan has backed himself into a corner and I doubt he will get out of this one unscathed. Criticism is well deserved and he hopefully is aware of that fact.
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