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Politics : Foreign Affairs Discussion Group
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To: michael97123 who wrote (148619)10/22/2004 12:57:07 PM
From: Michael Watkins  Read Replies (1) of 281500
 
I didn't just start blaming Greenspan for Tulipmania... I started blaming him in 1998.

I started opportunisticly shorting specific stocks in mid 1999, convinced that the end was getting close. It was hard work at first... got progressively easier. In early 2000 I moved ALL long term money out of the market. If you look back here you'll find plenty of posts where I warned people that the first sharp correction was not the last.

Greenspan is who I blamed in my post - he and his gang of central bankers are most directly responsible for Tulipmania.

The Federal Reserve is not a tool of any particular administration. The governors are nominated and serve very long terms, in an attempt to smooth out the influence of any particular administration. Most politicians can't understand what central banks do in the first place, and in general, I believe they operate quite apolitically. One might argue that they operate in their own little world. Some believe that Greenspan and co are performing a massive experiment on world financial systems, and some believe it will come to a big, bad end.

And you still have not answered the question, what policy of the Administration most directly contributed to Tulipmania?
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