"I think Greenspan has already lost credibility, the street just don't know it yet. You can only cry wolf so many times"
I am unsure where you are coming from with that comment. Greenspan has the same power, or more, that he has always had. I don't imagine very many people question his credibility. I thought he was clear that the fed is leaning toward raising, and that he suggested that Asia was preventing the fed from doing it now. The fed is thus likely to tighten when Asia stabilizes. In the meanwhile, while he says this, the fed is expanding the money supply. This is not a credibility problem, he is simply using every weapon he has at his disposal to keep things rolling. He is doing a terrific job. The bottom line is that it is foolish to be immediately concerned about a SERIES of rate hikes, while the money supply is expanding, and Asia sucks.
Regarding Buffett, 11 weeks ago, at the same dow level that we are at now, Buffett said, "There is no bubble." He then made a 20 billion dollar stock purchase.
Is Buffett the greatest investor ever? Ask yourself what he must think about the stock market when he is scooping up stocks like they are going out of style. 'course he did buy that silver.
By the way, Berkshire Hathaway is selling 20% off its all time high. Maybe I should short it since the market will crash soon. ;^) |
