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Pastimes : Let's Talk About Our Feelings!!! -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (69677)	1/1/2000 2:24:00 PM
From: Daniel Schuh	Respond to of 108807

Liz, my wife noted this little amusing aside on reading the fed tea leaves when it came up. It was just a little sidebar on the article "Safety in Numbers : The wild stock market is turning us all into macroeconomic-data junkies.", by Robert H. Frank, NYT Magazine, 11/26/99 By ROBERT H. FRANK Mark Haines, anchor of CNBC's morning finance program "Squawk Box," on the rise and fall of the show's Briefcase Indicator: "The premise is that the thickness of Alan Greenspan's briefcase -- when he's leaving his office to meet with the Federal Reserve Board of Governors -- is an indicator of whether they plan to change interest rates. A full briefcase indicates that they are. "It was right 17 out of the first 20 times, but has a built-in destruct mechanism, because Greenspan packs his briefcase. He can make it wrong or right. He has never publicly acknowledged the Indicator, but we have reason to believe that he knows about it. We have to consider the fact that he wants us to stop doing it because the last two times the briefcase has been wrong, and that's disturbing." On the money supply, flooding the system with liquidity is a standard tool, it was among the first responses to the crash of '87. How they bring it back in in boom times, I'm not quite sure. Greenspan's done a good job, but the guy who set the Fed on its present course was mostly Paul Volcker, I think. He doesn't get much credit, but that's life. Cheers, Dan.

To: Lizzie Tudor who wrote (69677)	1/1/2000 7:47:00 PM
From: MulhollandDrive	Respond to of 108807

>>I am really hoping at least a few media outlets expose the y2k non-event (the bug I mean) as the self-serving consulting bonanza that it was.<< Lizzie, I wonder how many billions upon billions were wasted on "fixing" the bug? I think you're probably right, but I doubt that we'll see any major media exposing the "non-event" since they spent the ENTIRE YEAR COVERING IT! <ggg> bp