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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (32963)	3/9/2001 11:08:13 PM
From: stockman_scott	Read Replies (1) \| Respond to of 65232

Cisco is clearly NOT immune to the wrath of Greenspan... dailynews.yahoo.com IMO, we DID NOT have to experience an economic downturn like this one. The FED exacerbates the economic cycles on the way up and on the way down. If corporate purchasing execs around the world were not scared about future conditions they would not have dramatically cut back their spending. Their actions indirectly cause leading global tech firms (like CSCO, DELL, INTC, etc...) to lay off tens of thousands of workers. All because the FED was chasing after inflation and 'an overheating economy'...it may have been justified to raise rates a couple of times -- but NOT 6 times in a row...then Greenspeak made a FATAL MISTAKE....he failed to take action late last year when it should have become apparent that the economy was starting to slow. We needed rate cuts in the 4th QTR for him to help us avoid our current mess...The US economy is like a super tanker and when it slows down dramatically it takes a LONG TIME to build up momentum again....this is NOT rocket science....In fact, I am quite convinced that many of the regular posters on Voltaire's Porch could set monetary policy more effectively than our FED...=) Greenspeak and his cronies are CLEARLY OUT OF TOUCH with what's really going on. Congress started to ask some questions in this area but they DID NOT probe enough, IMO. I really feel Greenspan should resign -- for the good of the country. If we are going to keep the FED we should at least have someone competent (like Bob Rubin) at the helm...JMHO. Best Regards, Scott@whenwilltheFEDfessuptowhatthey'vedone.com