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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: NOW who wrote (63705)	1/31/2001 4:25:25 PM
From: patron_anejo_por_favor	Respond to of 436258

THAT is an epic post! Really frames THE one and only issue for bears at this point going forward, namely: "What is the expiration date for the Greenspan Poot"? Is it today? Next month? Next quarter? Next year? The point, the central leap of faith if you will, is that there IS a limit to reliquefication. Noland, among others has been ahead of the curve on this one and has made a very strong case that there is a limit. The Japanese case also strongly supports the fallibilities of endless liquidity infustion once liquidity trapping begins. And as Heinz and others have pointed out, its now taking almost $5 of debt to create a measley ClownBuck of GDP. Unfortunately, as with all things bear, the timing is the key. I think soon, but I'm not quite mortgaging the farm (to mix a metaphor) to go nuclear short...but we're making progress. One or two more ineffectual cuts and we'll be there for sure....