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Strategies & Market Trends : Mu Gamma Lambda
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To: MulhollandDrive who wrote (2242)7/18/2001 12:58:33 PM
From: Augustus Gloop  Read Replies (3) of 10077
 
Greenspan is dying to use the "bubble" as the entire reason for this sell-off. While I understand that it played a significant role, there is NO WAY I'm going to let him off that easy.

1) If there was a bubble brewing it is his job to head it off not jawbone it down.
2) Once the bubble has already happened he has already screwed up number 1.
3) To prick a bubble with a pin is one thing - what the fed did last year was lance a boil.
4) In lancing the fed incorrectly took a posture that helped exacerbate the problem.

Just my opinion but I believe the fed played role in this and they should not be allowed to distance themselves from any degree of responsibility.
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