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Strategies & Market Trends : Asia Forum
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To: Bosco who wrote (7164)10/16/1998 3:33:00 PM
From: Cynic 2005  Read Replies (3) of 9980
 
Dear Bosco, unlike Zeev and others, I do not have ANY respect for Alan Greenspan. Here is note I posted elsewhere:
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The latest move by Greenspan proves the point that he is one of the
most inept Fed Chairmen ever. In an article he wrote in the sixties he
lamented the easy money policies of the Feds in mid 20s which he
contends (and I agree) as the cause for the depression in the 30s. I
personally think that he managed to repeat exactly the same mistakes.
The easy money in the system was more than sufficient for a capacity
glut in almost all industries and found its way to the top of the
economy - financial markets. Without the backing of a fundamental
support, any speculative asset pile, a la stocks, can only grow to some
extent. When the mild profit taking turns in to a stampede to the exit
doors, things turn in to systemic threat - as they are now. It is too
late to act at this stage of the bubble than when it is controllable.
Despite the fact the Greenspan delivered the infamous "irrational
exuberance" speech, I think his real actions are a big suspect. He
acted more like a politician who would pulse the public and then act up
on them rather than being vigilant on the economy. Whether due to
incompetence or ignorance or both, no one other than Mr. Greenspan is
responsible for bringing the world economy to such a brink of disaster.
(I can explain more on that later.)


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