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To: AM/FM who wrote (17708)2/3/2001 2:11:39 AM
From: Tunica Albuginea  Respond to of 24042
 
The Greenspan put is back! By Paul A. McCulley ,Managing Director, Morgan Stanley:

A must read , for all in this thread:

A deeply insightful & entertaining analysis
of Greenspan's plans for us:

One of the sharpest pieces I've read all year,

TA

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pimco.com

" While I’m certainly critical of the Fed, and Mr. Greenspan in particular,

for their culpability in the current sorry state for economic affairs,

I’ve actually become more optimistic over the last 30 days about prospects

for an upturn in the economy on a twelve-month horizon.
The Fed now recognizes the debt

deflation enemy, and is committed to fight it with “rapid and forceful” easing as the FOMC

said yesterday, after cutting Fed funds a 100 basis points in one month. I look for 50 basis

point cuts at each of the next three FOMC meetings, at least. Fed funds at 4% by July 4!


Paul A. McCulley ,Managing Director, Morgan Stanley:
"

TA