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Gold/Mining/Energy : Gold and Silver Mining Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Brumell who wrote (2101)	9/15/2001 11:00:30 AM
From: russwinter	Respond to of 4051

Your comments are a real sticky wicket aren't they (last three paragraphs)? Message 16354302 Although you have completely missed the point of this exercise, I do think you've zeroed in on the core investment issue of the day: the Greenspan Put, the Big Rescue. However, I don't think you have much of an understanding about economic Moral Hazard and the severe problems it engenders. Or maybe you do, and think moral hazard is a good thing? Secondly, in terms of this debate, I really doubt that very many people making a bet against the Easy Al Put are gleeful about the likely failure (I see it as necessary, but gleeful, no) of these big irresponsible institutions. When I "look in the mirror" as you say, I can see far more loss than gain from this. In fact, in the short run I'm like you, hoping Easy Al can pull a rabbit out of his hat. And maybe he can? But, what does that do in the long run, when participants go wild in another one sided speculative frenzy, burying themselves even deeper (if that's possible) because of the "guarantee" of the Easy Al Put? When does it end? I adamantly submit that this is not the "free and open" market that you feel so strongly about. It is instead a real tar baby with massive "control economy" distortions that at some point (I think right now) is going to end badly. No, I think it is a disservice to readers here, and at a critical time, to imply that individual investors who may be inclined to bet against the Greenspan Put are somehow petty, small minded or even immoral. Folks have to protect themselves, and to turn this into some kind of diatribe about patriotism and righteousness is plain wrong. And unfortunately, you are not alone in your sentiments. I can see a scenario where those who benefit from the anti-put stance (and I think gold is the prime one) are vilified and scapegoated, and that's nonsense. You can make you own bet that the Put is alive and well, and you may win (if you do, I won't be angry at you personally, as you made a rational decision) that bet, and I may lose (how would you feel if I won?), but keep the character judgements out of it. The decision should just be based on the evidence before us and nothing more. And that's what discussion here should focus on.