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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: NOW who wrote (97297)	4/23/2001 1:42:41 PM
From: patron_anejo_por_favor	Read Replies (1) of 436258

No. But I believe he read me!<VBG> Message 15699608 Seriously, obviously I agree with the Roach, the Fed's pushing on a string, liquidity trapping is present, and we're headed for a recession that will last longer than most care to admit... His last paragraph sums things up quite well: Post-bubble aftershocks are a rare occurrence. As I see it, much of what went to excess now must be unwound before the US economy can return to its longer-term sustainable growth path. This will have to occur irrespective of the Greenspan premium and no matter where the central bank targets the overnight lending rate. Consider the alternatives: Is Corporate America about to back away from cost-cutting? Are consumers willing to indulge in another wave of debt-financed spending? To the extent the answers to those questions are "no," the Fed could well find itself pushing on that ominous string.

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