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Non-Tech : Greenspan, Rubin & Co - the Most Irresponsible Team Ever??
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To: Cynic 2005 who wrote (124)2/3/1999 8:01:00 AM
From: Tom M  Read Replies (1) of 309
 
Abelson/Barron's classic on Greenspan last week <G>:

"Time and again, the chairman has sounded the tocsin about
the level of share prices, most notably three years ago [300%
ago on the Nasdaq 100], when he warned against irrational
exuberance. But when asked about the frenzied rise in the
Internet stocks, his pupils dilated, he began to breathe heavily
and, pushing up from his chair, shrieked the equivalent of "Buy!"

When he regained a measure of composure, he opined that, so far
as the Internet stocks go, "you wouldn't get hype working if
there weren't something fundamentally sound under it."

As a colleague of ours points out, that brilliant insight
means the tulip mania was really based on sound fundamentals,
or else the world wouldn't have gone bananas over tulips. Nor
would Mr. Ponzi have been able to spark such phenomenal excitement
if his scheme hadn't been based on sound fundamentals."
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