Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Roads End who wrote (227457)	3/12/2003 11:12:33 AM
From: Perspective	Read Replies (1) of 436258

Yeah, but it sounds like Greenboink is starting to take the mortgage finance bubble seriously. Why else would he be out talking down house pricing? And why is the market suddenly taking Poole seriously? I think that Greenie's strategy has been to sequentially deal with the following: 1. Deal with LTCM 2. Get past Y2K without the bailout from #1 falling apart 3. Let tech bubble deflate without dragging aggregate demand 4. Let general stock market bubble deflate without dragging down aggregate demand 5. Permit the strong dollar policy to fade 6. Start letting the air out of the mortgage bubble that was created to sustain #3 and #4 7. Work on the root causes of the overall credit bubble: structured finance and derivatives? I don't know if he's that clever, but it seems like the only rationale for pursuing the policies that he has, and the sudden about face that Bernanke represents. BC

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