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Pastimes : Alan Greenspan MUST GO:
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To: chojiro who wrote (359)5/10/2001 7:26:21 PM
From: Master (Hijacked)  Read Replies (1) of 494
 
chojiro,

As usual and not surprisingly you once again miss the point. Greenspan screwed up big time with his interest rate hikes last year. He screwed up the markets and the economy so badly that lowering the interest rates now will only result in a short term fix, yet the problem will still remain.

Most people here are critical of Greenspan because he over reacted. And most here are also aware that it will take more than interest rate reductions to recover from this mess.

You, on the other hand, seem to be suggesting that Greenie did nothing wrong. And you try to support your thesis by saying, "See, rates are down but the markets haven't recovered therefore Greenspan should not be blamed."

Pretend Greenspan is the skipper of a large Hot Air balloon which is circling the globe at a comfortable altitude of 30,000 feet. Suddenly Greenie decides he's flying too high so he releases most of the hot air from the balloon. The balloon immediately begins to spiral down. Greenie switches on the generator. But that little combustion engine he's got on board cannot generate enough new hot air to stop the freefall. Eventually there will be an equilibrium and the balloon will stabilize, but does that make Greenspan a good skipper???


Master
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