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Politics : Formerly About Applied Materials

AMAT 301.11

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Jan 9 9:30 AM EST

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To: StanX Long who wrote (60883)	2/22/2002 1:25:57 AM
From: StanX Long	Read Replies (2) of 70976

Documents: Market Worried Greenspan washingtonpost.com By Martin Crutsinger AP Economics Writer Thursday, February 21, 2002; 10:03 PM WASHINGTON –– Federal Reserve Chairman Alan Greenspan, who sent financial markets reeling with worries in December 1996 about "irrational exuberance," expressed concern about inflated stock prices in closed-door Fed meetings seven months earlier, Fed documents released Thursday show. Transcripts of the Fed's internal debates during 1996 showed that at the May 21 meeting the stock market's sharp runup in value had the attention of Greenspan and other Fed officials. But they were uncertain what it meant. "The stock market as best I can judge is high," Greenspan said at the May meeting. "It's not that there is a bubble in there. I am not sure we would know a bubble if we saw it, at least in advance."

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