Now this is more like it, some genuinely angry people expressing their strong disapproval of our Fed Chairman.
Greenspan showed his ineptness when he flooded the economy with over $200 billion to cushion the economy against the most over-hyped nonevent in our history...Y2K!
Like pouring gasoline on a fire. The markets exploded. Then what did he do? He drained the money back out of the economy, thus weakening the underpinnings of an overextended market, then raised interest rates! The peak of the stock market was March 10, 2000! His market inexperience was exposed when he failed to see the top was already in. When PALM went public on March 12, 2000 and jumped from its IPO price to $165 dollars in less than one hour, it was clear that insanity had overcome the markets! Investors turned into gambling fools. The spin-off from 3Com had a market cap twice its parent!
It is axiomatic to any person who has ever traded that whenever a coming event is highly publicized, it will never actual unfold as feared. Never! Only events that come as a total surprise will crater the markets, ala 9/11.
The public spent money buying bottled water, extra food, generators in case the lights didn't work, etc.
Now we're saddled with this misguided man for who knows how much longer? And to make matters even more sickening, our elected officials faun over him at his semi-annual hearings as if were an oracle. How depressingly sad.
wdlngduc |
