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

To: Archie Meeties who wrote (28784)	4/24/2000 5:41:00 PM
From: MythMan	Respond to of 42523

to heinz's point, 9 out of 10 "investors" don't know what an ECI number or NAPM is.. but they do believe in the Greenspan put...

To: Archie Meeties who wrote (28784)	4/24/2000 5:55:00 PM
From: pater tenebrarum	Respond to of 42523

i just wish the Fed would get serious about this rate hike business...i fear for the dollar if they don't get more forceful. it is of course in the nature of things that everybody now thinks outsized market returns are a sort of birthright. therefore if the Fed were to seriously address the often cited imbalances and pop the bubble in the process, the mob would certainly demand easy Al's head. the baby step policy they're employing now so as to not disturb the market is of course ineffective so far, and correctly being laughed off by the speculators. Al would have to show backbone and prove to them that he won't bail them out at the drop of a hat. but then that would be against his very being...the man likes nothing better than press the print & lend buttons. he's the grandfather of moral hazard. re. NAPM, i agree, inflation is largely a cost push phenomenon up until recently. that's one of the reasons why it took a while to show up in the CPI stats. said stats are of course a bone of contention by themselves. it is astonishing how wide the gap between private sector surveys (NAPM, ECRI, CPM) and the BLS's inflation lies has become. it appears to me that the BLS is deliberately making easy Al's job more difficult. if he were to act upon what the ECRI gauge of future inflation is saying he'd be raising in 50 bp. steps, and intrameeting to boot. but it's an election year, and anything that might upset the bubble cart is not politically expedient.