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

To: Thomas M. who wrote (82040)	3/18/2001 3:17:01 AM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

<<Anyone buying semiconductor stocks in this environment embodies a tripartite deficiency>> I agree totally. Notice how Fleck's name keeps popping up more and more in mainstream publications. While I know that's bad for us as a bearish sentiment indicator, it's nice to see the guy finally get the recognition he deserves. Here's a snippet from Friday's TradingMarkets.Com site, written by Goran Yodanoff: Now, on to two others (secretly, this guy is my idol): "Ladies and gentlemen, the insidious problem of the Fed-generated bubble will not be solved by the creation of easy money. That is not to say an interest-rate cut is not warranted. It is instead the focus of the cut that is the problem. People continue to believe that it is their divine right to make huge amounts of money in the stock market. The Fed, Wall Street, bubblevision and everyone's hopes and desires are all to blame for the problems we now find ourselves in. The sooner people take responsibility for themselves and stop asking others to come to the 'rescue' — which is no rescue at all and will in fact exacerbate the situation — the sooner we can attack the problems that have been created." — William Fleckenstein, president of Fleckstein Capital "In the news, The New York Times ran an interesting story called 'Awaiting Fed Rescue, Even As the Fed Discourages Dependency.' I was particularly struck by the comment from Tom Galvin, one of the chief proponents of the bubble: 'I think the Fed is clearly going to have to take the more aggressive posture here....I think this is probably going to force their hand to provide bigger changes sooner.' So, let me get this straight: Tom and Abby Joe and Company were too myopic to understand that the Fed had created the biggest bubble in history, and now that they find themselves in financial trouble, they think the Fed should make matters worse by cutting even more. Here we have a glaring example of how the Fed has raised the moral hazard. It has encouraged people to behave in irresponsible ways by reassuring them that there will be no consequence to this behavior — that help is but a rate cut away." — William Fleckstein, president of Fleckenstein Capital Bravo, Mr. Fleckenstein! You are one of my personal heroes for telling it like it is. Who knows, with another six months of this special brand of "tough love" the market's been dishing out, maybe he'll get that SEC chief post he secretly covets...<VBG>