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Strategies & Market Trends : Ahh Canada - 2 out of 3 ain't bad -- Ignore unavailable to you. Want to Upgrade?

To: Davy Crockett who wrote (1406)	3/20/2001 10:07:23 PM
From: Cush	Read Replies (1) \| Respond to of 5144

Peter, I'm not unhappy with the Fed move *today*. My opinion about whether they helped create and exacerbate this horrible business and investment climate, hasn't changed. As far as 50 or 75 basis points, I just don't see that as major. The market over-reacted, I thought. It'll take six months to begin to feel the effects of the rate cuts we've seen, and we'll have more I'm sure. IMO, they shouldn't have made the last rate increase last year, maybe even the last two. IMO, they should have begun these rate cuts last fall. IMO, the markets and the world economy don't need a smirking old man smugly being sufficiently ambiguous. We are entering the Greenspan Winter but like all seasons, it too will pass. Cush

To: Davy Crockett who wrote (1406)	3/21/2001 8:39:36 PM
From: Cush	Read Replies (1) \| Respond to of 5144

Peter, I've been thinking about a response I gave you last night, about the Fed cut. I said that 50 or 75 points, I thought the market was over-reacting. I still think that about the market but I'm coming around to the point of view that the Fed made *another* error in judgement. For whatever reason, the market apparently wanted more than a 50 basis point cut. Regardless of the rational for why that wasn't necessary, someone with foresight needs to step in here. The Emperor is never going to admit that he screwed up last year. I hope he doesn't continue to compound the problem with his arrogance this year. As you know, as I read the situation, they should have moved *much* sooner than they did to ease up on the economy. Each day, each week they delay, it requires more dramatic action to restore investor confidence. IMO, only a fool would fail to understand the impact that this loss of investor confidence and wealth will have on consumers. It'll be too late when this short-sighted old man sees the whites of their eyes. Enough ranting for tonight. I think you were right yesterday. 75 basis points would have been more appropriate. Cush