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Gold/Mining/Energy : Gold Price Monitor

GDXJ 96.06

-1.4%

Nov 17 4:00 PM EST

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To: Bill Murphy who wrote (19617)	9/24/1998 8:29:00 PM
From: marcos	Read Replies (3) of 116762

smh.com.au ... from #reply-5835246 ... another good thread, that one Fleckenstein's comments #reply-5835616 ; "Now we have a new moral hazard in this country whereby certain hedge funds are deemed too big to fail. First we had banks too big to fail in the 1980s, then the entire S&L Industry in the early 1990s. Then when Mexico went belly up, we saved them, which gave us the last horrific leg of the bull market (go check a stock chart). Next we tried to bail out Asia and Russia. It didn't work, so now we are reduced to bailing out the first hedge fund (AKA: leveraged investment partnership). This is the complete and total socialization of risk. In the end, we will print money no matter what, to save anything that we deem too big to be disruptive. The Fed has no problem fomenting a gigantic bubble, but when things stop booming the Fed finds itself in the bubble management business. They don't want to let the consequences of the boom assert itself. They will be unsuccessful."

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