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Non-Tech : Greenspan, Rubin & Co - the Most Irresponsible Team Ever??
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To: John Pitera who wrote (118)2/1/1999 10:29:00 PM
From: Giordano Bruno  Read Replies (2) of 309
 
Excerpt from David Tice commentary...

>>>Charles Clough, Chief Investment Strategist for Merrill Lynch offered the following opening comments during his very cogent Monthly Strategy Call earlier this week. He stated, "Our capital market views are based on the degree to which the world's financial structure is dependent on credit, particularly Federal Reserve credit. The Fed's response to ‘the worst financial crisis in 50 years', an utterance reportedly made by the U.S. Treasury Secretary in the midst of last summer's turmoil, was the most aggressive reflationary policy response ever. When the capital markets closed in the wake of Russia's default and collapsing hedge funds, the banks stepped into the brink. Bank credit, which ordinarily grows 5% or so each year, suddenly exploded to a 22% annual rate of growth in the 1998 fourth quarter, and that credit found its way directly into the financial markets. Bank loans for the purpose of purchasing securities began rising at an unprecedented 120% annual rate; bank buying of non-Treasury securities, i.e., corporate bonds, stocks and mortgages, rose at an annual rate of 130%. The recovery in stocks and the reopening of the low-quality bond market is directly related to the Fed's aggressive support. The powers that be, seem intent on keeping the U.S. consumer spending by inflating the capital markets."<<<

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