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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: limtex who wrote (38628)7/6/2001 4:56:19 PM
From: xr1  Read Replies (1) of 65232
 
Greenspan wanted to slow the racing economy so he tried to ‘shoot’ the economy in the foot with his economic bullet(interest rate increases). Problem is he missed and the economic bullet ricocheted and struck the economy (a patient in a medical analogy) in the abdomen injuring the liver, kidneys, blood vessels and the bowel. The economic patient needed emergency surgery (lowered interest rates) but the Doctor (Greenspan) decided to wait. Then the economic patient went into shock suffering from blood loss, infection and multi organ (sector) failure.

So now what? The economy(patient) needs major antibiotics, blood replacement and treatment for the multi-organ failure. Any guarantees for recovery ? The patient will probably survive but in what condition ? The patient may need dialysis, permanent colostomy, special diets forever because of severe liver damage, etc., etc.

Any lessons from this ? We need quicker responses from our leaders. As we all age, we react more slowly, physically and mentally. Perhaps we need younger, more agile thinking and responsive leaders in certain key positions. We need to consider people – those who now have lost their jobs and who will lose jobs as the economy sinks further. I don’t mean unemployment insurance. I feel sorry for those unemployed who now have emotional and financial stress brought upon them through no fault of their own. These stresses can destroy families and leave permanent scars. The fact is that job loss should be at the Fed for poor performance.

That’s how I see it.

HIN
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