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Strategies & Market Trends : Intraday Updates, Analysis & Strategies for Daytraders
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To: nokomis who wrote (534)3/20/2001 4:36:50 PM
From: ColtonGang  Read Replies (1) of 589
 
Why aren't powerful media people demanding accountability from Alan Greenspan? Where are all those TV pundits who were shilling for stocks as recently as one month ago?///////........................"It is my view that the government knew the stock market was in danger but because of last year's presidential election said nothing.
That's the subject of this evening's Talking Points memo.

In just a few moments we'll talk with a money guy who says he knows for certain the Clinton administration and Alan Greenspan covered up trouble in the stock market.

That of course is an opinion at this point, but what is fact is that Alan Greenspan has yet to present himself to the American people and explain why he did not cut interest rates last fall when he should have.

We are still being kept in the dark about the tottering economy and that is very wrong.

And why aren't powerful media people demanding accountability from Greenspan? Where are all those TV pundits who were shilling for stocks as recently as one month ago?

The financial media is treacherous and you should know it. Very often so-called experts are paraded on television advising you to buy stuff but not telling you that they have a financial interest in seeing stocks and bonds go up, or on the short side go down.

So any danger is played down because it is bad for business and people like me who are skeptical of the honesty of these experts are routinely attacked as "doomers."

The unfairness of financial reporting is staggering. Millions of Americans fund IRA's through their companies — each month money is taken out of their paychecks and invested for them by giant mutual fund operators.

We trust these people to be smart and responsible with our money. But take a look at your statements — most of them are down big. So the question is, why didn't the experts foresee the stock market collapse? How come these high-paid people didn't take precautions?

Now we all know that the markets go up and down — that's capitalism. But we also know that foolish decisions by powerful individuals can hurt us all.

The big story here is that the financial establishment doesn't seem to be too angered with Alan Greenspan. The guys who have lost trillions managing our mutual funds are not all over the tube explaining why they didn't see the disaster coming.

So it is business as usual — the decision-makers are making bad decisions and then failing to provide explanations. This is bad, bad business. I am angry and you should be too.

That's the memo."
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