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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: smolejv@gmx.net who wrote (11984)12/19/2001 10:44:20 PM
From: LLCF  Read Replies (1) of 74559
 
Agreed, worth reading twice, so here it is again:

The Alan Greenspan of the 1920s and 1930s was Montagu Norman, the
governor of the Bank of England. He had the same reputation as Greenspan
has now. But he lost it with the Depression, the same way Greenspan will
lose his. The idea that the Federal Reserve chairman has power is a delusion.
The only power he has is over the interest rate, and the interest rate has
ceased to be important because businesses are no longer dependent upon
borrowing from banks. The interest rate is only important to the stock market,
to people that short or buy on margin. For the economy -- yes, if it goes up to
18 percent or down to 2, but half a point is a symbolic gesture. The Fed has
control only as long as people trust that when Greenspan opens his mouth, it is
meaningful. But the first time it does not work -- well, magicians get no second
chance.

DAK
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