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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 227.37

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To: Rob S. who wrote (129215)	7/27/2001 1:09:45 AM
From: Skeeter Bug	Read Replies (1) of 164684

>>So, does Greenspan become the scapegoat for investors being brainless idiots?<< yes and no. the folks that acted irresponsibly have to take blame. does that mean greenspan is blameless? imho, he holds more blame than any single person in the world. why? 1. he rigged the productivity numbers in 1996. he switched it from being basically an economic measure to an economic + greenspan's personal interpretation of what computing power really was worth b/c the free market was too dumb to decide on its own. do you remember the fed press release that outlined this measurement change that DOUBLE gdp growth and productivity over night? 2. greenspin then used his bubble numbers as the basis for spouting "new economy" jive. sure, people were naive to believe him. but that is like blaming the scamee while letting the scammer off scott free. 3. greenspin has kept the monetary spiggots running overtime ti give folks fuel to act irresponsibly. if a kid irresponsibly lights a match in your home are you blameless when you throw gasoline on the flame? greenspin's policy requires folks to act irresponsibly. he's counting on it. so, no, he's not totally to blame. but he put forth his best effort to achieve the bubble, which he got in spades and now he ought to be let off the hook when it implodes (as they always do!)? on this point, rob, we disagree.

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