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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (12242)	2/23/2000 7:48:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 42523

tip, i really am at a loss w/regards to what to think of bubble boy. he's not stupid, that much is certain. i THINK he knows what's going on. either he has changed his mind and believes the hype now, or it's not entirely up to him how policy is conducted (he intimated as much when asked in passing by a journalist once). anyway, the Fed has created moral hazard to an unprecedented degree by bailing out speculators at every turn when things went sour under the pretense of having to 'save the system'. i have the impression that the saving of WS fat cats was the real motive. thereby they have now succeeded in creating conditions that basically invite a systemic crash. see Greenspan's cavalier attitude re. derivatives. apparently he's not exactly an expert on them, but even he must be aware that they present systemic risk that has never before existed in this form. and yet, he speaks out against oversight (i agree with the principle to not involve bureaucrats whenever possible in private sector endeavors, but this is a special case). in the final analysis, like Fleck says, probably a dangerous man....