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Pastimes : Ask Mohan about the Market

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To: Monty Lenard who wrote (16508)	9/25/1998 8:44:00 AM
From: John Hunt	Read Replies (2) of 18056

Contrarian - Mr. Market says the Fed ain't big enough stocksite.com << I would like to quote from one of my favorite stock market pundits, who most of my readers probably have never heard of, a woman named Joanie McCullough at Bear Stearns. (Don't ask me for her web site - this is something that I get as a professional.) She said: "Yesterday, he made the switch to justifying his new attitude by citing 'disruptions abroad' and 'more cautious behavior by investors at home' which has struck a 'balance'. ('Cautious behavior?' You mean the guys who got their socks blown off in August? 'Balance'? Surely he must mean 'between a rock and a hard place'!) All along he knew he had a meeting at the Fed several hours later to frame a bailout for a huge and noteworthy hedge fund. Question: Who else knew?" She continues: "What he should have said was this: 'I have irresponsibly pumped money into the system hand over fist, which has served to make it easier for folks like hedge funds to leverage themselves to the point where they are a threat to the globe. Now I have no choice but to cut rates so that one of the biggest won't go down and make mincemeat out of the banks and financial sector in general. I have no alternative but to continue to foster this stock market bubble.'" I think that says it all about Easy Al. >> Hi Monty, Welcome to the thread. Wendy and I both scan the news a fair bit and post two or three of the more interesting items each day for those who have less time on their hands. It is rather interesting that one of the partners of LTCM was an ex Vice-Chairman of the Fed ... Nice to have friends in high places. :-)) John

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