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Strategies & Market Trends : ahhaha's ahs

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To: re3 who wrote (1736)	4/6/2001 2:01:23 PM
From: ahhaha	Read Replies (1) of 24758

I remember him and I didn't vote for him. He was the worst Democrat ever. In August of '71 he slapped on wage and price controls among other insidiously stupid anti-Republican moves and the stock market which had swooned, and fell very much like the last six months, then immediately reversed and soared right back up to previous highs. The down side was another shining example of a bear market which is what people were calling it. What was most surprising was the market rose on this horribly bad news. I wonder what it thought it was discounting? It went on discounting until in January '73 it realized that wage and price controls which had to be eventually abandoned in '72 had aggravated the embedded structural inflation. The consequence was rising interest rates. At first the market ignored them and powered up until Jan '73. Then the piper had to be paid. Nixon was too involved with his personal problems to apply any leadership for the economy, but he never had the least comprehension of it anyway, and thought economics was just a tool to manipulate votes.

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