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Strategies & Market Trends : Commodities - The Coming Bull Market
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To: craig crawford who wrote (696)8/18/2001 9:20:06 PM
From: craig crawford  Read Replies (1) of 1643
 
Dear Dr Greenspan,

please help me understand mr chairman. you said it was the greatest economy you'd ever seen in 50 years right at the top of the broad markets in the spring of 1998.

then in the summer of '99 you said something "special" had happened to the economy in recent years, due to technology, and yet only two years later we are in a technology led recession.

in 1998 you said that inflation forecasts were off for several years, and "inflation has been chronically overpredicted...". you said the governors and bank presidents predicted inflation of 2.0-2.5% for 2000. yet the cpi rose 3.4% in 2000, the highest since 1991 following the gulf war. i thought you assured us inflation was overpredicted for years now?

back in 1998 you said, "The potential for accelerating inflation is probably greater than the risk of protracted, excessive weakness in the economy"

well now we have considerable evidence of protracted, excessive weakness in the economy, so i guess you were wrong.

now of course you tell us in 2001, "As best we can judge at the moment there is very little in the way of emerging short-term inflation expectations". you've done a 180 degree turn and you suggest the greater risk is weakness in the economy rather than inflation.

why should we believe you will be right this time? how do we know that you won't be proven wrong once again a couple years down the road?

Yours truly,

CC (concerned citizen)
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