Can't get wordy now.I agree in part,i don't blame Greenspan for trying to slow down a dangerously wild party that had gotten at of control.But when we look back,i think we will perhaps see his preparations for Y2K and corporate preparations for Y2K,will, in the rearview mirror, be seen as the foundation of how it all went wrong.
i remember back in 1999 i was in an acute huff and puff about how Greenspan was pumping up money supply to overflow going into Y2K.
Someone said,it was CrystalBall,actually,preaching that NASDAQ was going to go to 4000 in a rocket shot(nasdaq was about 2800,at the time,and i thought we were already deep into a bubble).
And i said,o.k.,maybe it will,but if it does,the aftermath of this madness will be with us for a long time--the damage would be devastating.And so we break 5000.
I have felt the worse the over-run the worse the damage.
I still see significant trouble ahead,myself,but it will play out slowly,now--we will see.max |
