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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Captain Jack who wrote (16046)8/21/2001 2:03:44 AM
From: Lee Lichterman III  Read Replies (5) of 52237
 
I have to disagree and thought AG was totally justified in raising rates. We were in a total nonsensical mania where people thought stocks would climb forever. Recall that when he was first raising rates, the mantra was that he couldn't stop tech stocks because it was a new economy and interest rates didn't affect techs in the new error, I mean the new era. Someone had to slap some sense into people and everyone just ignored his warnings. Look how much useless fiber is in the ground now yet telecoms were still laying it like crazy until he took the punch bowl away. It wasn't just stock traders throwing money around foolishly, it was corporations, banks etc also. Even now, many still believe we are going to bottom and have 1998 to 2000 style markets all over again.

I think the economy will do fine, we just need to bleed off some more of this excess first and get people to read up a bit on history. Maybe then they will invest/trade with some sort of rational thought rather than the "Momma needs a new pair of shoes" mentality of the last couple years.

Everyone wants to blame Greenspan for the market drop, and no one is willing to ask why they were paying such ridiculous prices for stuff that wasn't worth it at the top or why banks were loaning millions to companies that would never make a dime from busines plans drawn on napkins at the local pub. Tech companies were trading stocks like brokers instead of making money at what they were supposed to be doing. Yep, it is all Greenspan's fault.

Good Luck,

Lee
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