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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts -- Ignore unavailable to you. Want to Upgrade?

To: Augustus Gloop who wrote (39091)	6/13/2000 1:47:00 PM
From: Original Mad Dog	Read Replies (2) \| Respond to of 63513

I agree that he is saying something positive. I disagree only in your description of his motivation for doing so. I do not believe that he is trying to "prop" up the market, for two reasons: (1) he does not believe in doing that unless there is a huge liquidity crisis; and (2) the market does not need propping up; even the Naz is at levels which one year ago would have been record highs. I do believe that he is concluding what I have been suggesting he should conclude: that the brakes no longer need to be applied. As the leading intellectual force on the Fed, his motivation is to convince the other voting members that no further increases are needed at this time. That is why he has cloaked his productivity comments (which he has made before) inside a discussion of why the economic data we have traditionally relied upon is no longer so reliable. Greenspan reminds me of a few past Supreme Court justices, who were by sheer force of intellect able to persuade their fellow Brethren to follow them in new directions. The only way you can have your cake and eat it too is to figure out a way to make more cake. Greenspan's speech is saying that we have figured out a way to make more cake, so it is ok to have a couple of extra slices. Just like the Gloop of Willy Wonka's Chocolate Factory, it is time to pull up a chair, belch a couple of times, loosen your belt a notch, and have a good meal.