Greenspan, Rubin & Co - the Most Irresponsible Team Ever?? Message Board

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Non-Tech : Greenspan, Rubin & Co - the Most Irresponsible Team Ever??

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To: Mark Bartlett who wrote (22)	1/14/1999 10:16:00 PM
From: Bonnie Bear	of 309

I agree. Back in 93, there was no need to drive interest rates down then up again....except that the flood of money coming out of refinanced houses provided capital for this bubble. The stock market started a beeline the exact day Rubin took office and Goldman Sachs took control and everybody started manufacturing derivative products to drive the indexes up. Treasury yield was part of the Ponzi scheme...just leverage the heck out of the big-cap stocks, model them as zero-coupon bonds, then drop treasury yield. Go look...you'll see it's true. Goldman's alter ego is their child Microsoft..Goldman has a silver spoon, founder stock and index options since it gave birth to Microsoft many years ago. Now Greenspan has a monster..he only has charter for the government bond market....but the derivatives market must be at least ten times larger....he has very little control. Somebody, a whole lot of somebodies, have to go bankrupt. Where do you hide that much debt? 60T, maybe more? And the big bank/brokers keep hoping it will be Japanese banks, so it won't be them.

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