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Pastimes : Alan Greenspan MUST GO: -- Ignore unavailable to you. Want to Upgrade?

To: Master (Hijacked) who wrote (29)	5/24/2000 6:24:00 PM
From: BWAC	Read Replies (1) \| Respond to of 494

I respectfully decline <You have my vote for the next Chairman of the Fed.>. I can't in good conscious adhere to the agenda and manipulative practices of hurting the average middle and lower class citizen of the US. The Fed's agenda has done nothing but hurt the long term buy and hold middle America investor. The daytraders got to cash. The speculators went short. The hedgers got Option protection. The long term regular joe investor got screwed. Sad but true. Boom. Down 40% on you IRA which was invested conservatively in banks and profitable old line dividend paying corporations. Look around at all the profitable companies trading at or near book value and 10 PE's. Take UsAir. 60% below its free market worth. Boom. Gone is the average family's dream of buying a home of their own. Can't get a raise from work. Invested and saved wisely only to have it ripped form their hands by a manipulative Fed which has plunged the stable, real companies into a nosedive, while attempting to attack the hype.com gamblers and dippydoodledoodoo.com speculators. Interest rates never meant anything to these gamblers, and never will. They'll trade on. They'll bid hype stocks on up to the moon. Meanwhile, Mr. Average Investor gets screwed by the Fed's policy and watches his hard earned savings and dreams go poof in the night. Nope no home, can't afford the extra $200 per month caused by the interest rates for a modest 3 bedroom, 1600 square feet. Nope, no college. Your Education IRA just got wiped out. On and on. Hurting the average citizen. Meanwhile, the elite 5% of America continue on their buying spree. New boats, new Range Rover, new Wave Runner, new 4000 sq. ft. house, condo at the beach, etc. Interest rates don't mean much when you are paying cash, or have unlimited borrowing power. Who gives a crap about another 3% interest when its only 1% more of your income. Big freaking deal. Meanwhile $200 per month added to the house payment of the average median family earning 40k per year is a 6% hit to their already stretched budget. Throw in another $100 per month for consumer debt interest rate increases, car loan increase, etc. Now you got a 9% hit to their income. Double jeopardy if you happen to have the misfortune to be running a small business. Prime plus 1% is now the going rate on most small business loans. 10 1/2% currently. Increased interest there is going to cut into that 40k median income that the small business was producing. Add another 5% hit to their "real" income. Thank you Mr. Greenspan and the Fed. You bunch of clowns. Look at the real picture and get your heads out of some book filled with meaningless numbers. Postscript: I just took a vacation drive through rural SC on the way to the coast. I can assure you there is no excess demand for anything there. Nor is there anywhere near full employment. Actually there was little but poverty.