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Pastimes : Ask Mohan about the Market
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To: Zeev Hed who wrote (16909)11/1/1998 12:08:00 PM
From: Haim R. Branisteanu   of 18056
 
Zeev, I kindly disagree with you for the following reasons;

1. A.G acted not to save the markets but to save those who engaged in gambles of big proportions out of pure greed and violated US criminal laws who were put in place to keep our banking system on solid ground.

2. By doing so with the full approval of the FED board, they actually conspired a cover up and bail out of those who violated the law.

3. The timing of the action and failure of disclosure was intended clearly to save same violators and not the public at large.

In general it would be much more healthy for the economy at large if the saving rate would be higher at 6% to 10% in the US and not below 2% of free income and if the public had placed less trust in the stock market.

Growth in cash accounts assets would give the economy a better cushion for difficult times than funds invested in the stock market.

Therefore I still think that the FED was violating various laws even if A.G did not profit from it. I did not even dream that he will be involved in such activity.

A.G. should have lowered 0.5% in the first place and not play with the financial markets. LTCM problems were known since mid September, before the FMOC meeting!!

Still A.G and Rubin are guilty well over their head.

As to the market we would restested the 7400 range again, and moving sidways. No disaster at all. Even more so may be a healty and slow rebound of solid companies.

Haim
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