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To: dclapp who wrote (72593)	10/28/1999 9:29:00 PM
From: pater tenebrarum	Respond to of 86076

doug, just check the effect his speech had on the spoos tonight...and he let Meyers say a few days back that the Fed won't target asset prices. believe me, the speculators will continue to laugh off the Fed...the party will just keep going until the bitter end. and i hold him responsible for the explosion in money supply...that's what made the bubble possible in the first place. good night! hb

To: dclapp who wrote (72593)	10/28/1999 9:53:00 PM
From: Ken98	Read Replies (1) \| Respond to of 86076

Doug, if he wanted market forces to work he would not make speeches like tonight (or last week for that matter), he would just shut up. Nor would he bail out leveraged speculators like LTCM. The effect of tonight's speech will be to draw every available dime into the most speculative stocks in an already overly speculative market. The mania will indeed now run its due course. Who knows how high it will be taken. But one thing he will never do (if for no other reason than he does not have the Board votes to do so) is raise rates to pop the bubble.