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To: pater tenebrarum who wrote (79742)	12/15/1999 2:07:00 PM
From: Oblomov	Read Replies (1) \| Respond to of 86076

Greenspan = Repo Man (any GenXer should be familiar with the reference) Too bad he doesn't have enough hair to style as a Mohawk.

To: pater tenebrarum who wrote (79742)	12/15/1999 2:24:00 PM
From: Ken98	Read Replies (1) \| Respond to of 86076

Heinz, they are trying to send a very clear message that they will do ANYTHING and EVERYTHING to keep this market afloat through Y2K. Based on their recent actions, I think that they have figured out 2 things: (1) the way to prevent a crash is to never let the selling get started in earnest, hence activities like this morning; and (2) play on the greed of the American people - ensure that people are more afraid of missing the next big move up than any sort of loss in a sell-off. They have made a actual decision that the bubble (in its ever expanding form) is preferrable to the consequences of the bubble popped. However, the risks of this approach are great. The money to expand the bubble incrementally grows as the bubble grows, even though the bubble is being maintained by fewer and fewer stocks. At some point the "sell to whom" factor comes into play. $10+B per day in injections will not even be enough at some point. An related risk is that everyone is now a momentum investor. Several people I know have dumped their stocks that "are not moving" like Dell to jump into faster moving stocks like QCOM and YHOO. These folks will not stick around when the mo-mo turns. In addition, from a purely strategic standpoint, the Fed is using too many bullets too early here in my opinion. We are still 2 weeks away from the "non-event" - just what will they be doing in 2 weeks to support it? Adding $20B, $50B per day? Just how much can you add to support it? They are allowing too much pressure to build too early and should have let it sell off some before the last big push. A very dangerous game indeed...