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Strategies & Market Trends : Drillbits & Bottlerockets -- Ignore unavailable to you. Want to Upgrade?

To: mike.com who wrote (5887)	3/20/2001 6:18:35 PM
From: Lazarus_Long	Read Replies (4) \| Respond to of 15481

I have mixed feelings about that. (And, man, am I gonna get shot at for this!) Remember a year and a half ago? Greenspan was the greatest Fed chairman ever and walked on water. Now he's Greenscum. Let me put this briefly: his job isn't to defend and preserve your stock market profits or mine; that's our job. There was lots of warning of those rate hikes; Greenspan does that- -he telegraphs his moves. Anyone who didn't get out of the way set themselves up. Over a year and a half ago, I personally pulled out all my long term money except for a part that's very long term. I'm not saying that to brag; I'm not a stock market genius. But he did let us know what was coming. Nasdaq? That was a bubble. Everyone who wants to be in the market should be able to recognize bubbles. You play them at your own risk. Or not, if you want safety. But being caught in this is not Greenspan's fault. What I would fault Greenspan for is not raising rates last year, but for pumping all that money into the economy. That caused the bubble. That was his mistake.