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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (44581)	1/26/1999 12:55:00 PM
From: Tom M	Read Replies (1) of 132070

>>Once you start cranking out credit, it's tough to stop cold turkey<< Cold turkey? Is that the new nickname for Greenspan?<g> Yeah, now that he's eliminated fear (ie made shorts extinct), he's finding out there's no one to buy if he doesn't print it himself. Wouldn't have as big a problem with this if he's supporting the market say at a P/E of even 15 (rather than test the old era 7), but supporting it at historic high P/Es when the road ahead says they're going to get bigger just seems looney. That must be some can 'o worms they don't want opened when the Fed keeps goosing the money supply to keep unjustifiably doubling those bloated index valuations. Since there are about 12,000 US stocks, there must be one angry mob of insiders and shareholders forming as they continue to watch it funnel into 30 stocks with apparent Fed support. You'd think a mob that size would be able to get a little more media coverage. Sigh. regards, Tom

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