To: freeus who wrote (23222 ) 4/22/2000 10:08:00 AM From: Jill Read Replies (1) | Respond to
That book sounds interesting, freeus. I agree with you. I see elements of that in the MSFT case, in Greenspan's targetting of the "wealth effect", etc. There may be real issues underlying the DOJ or the Fed's actions, but there's a real element of bitterness and vengeance in it. And that element of the irrational is what makes it become destructive. If it were simply rational one would weigh the plusses of MSFT (the huge part it has played in our economic expansion, thus our financial security as a country, and the world's, since global markets are hugely affected by our market's well being) against the minusses (a bit of a bully, maybe even somewhat of a monopolist, but not doing anything different than any compeitive company does gien half a chance. Read the stories about Siebel or Larry Ellison, they are cut from teh same cut-throat cloth and that's why they're successful). The same goes for the "wealth effect"--constraining it is one thing, killing it another, and we're dangerously close to that with a few more rate hikes. It's also a question of power. Too much success, too many MSFT millionaires and ordinary Americans with fat 401Ks...and who wields the power? How much power does Greenspan have when he stands aside watching a hugely successful time of economic boom? How much does he have when he presides over a shaky economy that is terrified he may hike rates again, and listening to his every word?
