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Strategies & Market Trends : The Millennium Crash -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (5142)	6/5/2000 10:32:00 AM
From: pater tenebrarum	Respond to of 5676

well, we haven't seen a true capitulation bottom in any of the sell-offs/corrections since the '98 hicc-up. my guess is that that is due to the widespread belief that Greenspan will always rescue the market..he has introduced moral hazard in a big way. imo that is something that will ultimately be the market's undoing. people are simply not cautious anymore, they take on big risks, usually leveraged to the hilt because they know that the Fed will bail them out if things go wrong. i'm certain that systemic risk has become a lot bigger because of this. regards, hb