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To: Perspective who wrote (19755)	11/6/2001 10:43:48 PM
From: AllansAlias	Read Replies (2) \| Respond to of 209892

My opinion is that you overestimate his power. In the end, the forces at work are beyond the man.

To: Perspective who wrote (19755)	11/6/2001 10:55:27 PM
From: JRI	Read Replies (1) \| Respond to of 209892

Are we about done with your 10 days of up/Soxx 540 or so (I'm thinking we may be getting the or so here)?

To: Perspective who wrote (19755)	11/6/2001 11:26:19 PM
From: 4rthofjuly007	Read Replies (2) \| Respond to of 209892

<<It's his JOB to take away the punch bowl before everyone gets too sauced>> Is it really that simple. I'm not sure about 1995, but wasn't the didn't the easing in 1998 reflect the moves in the treasury market? Seems like that is what is happening here. Is AG really setting policy or just keeping pace with where the money is headed in the first place? Let's not underestimate the power of the boom cycle in itself. Had rates been raised or left alone in 1995, so early relative to the prior recessionary period, what would the implications have been? Were growth rates really that out of control at that point to warrant stunting it? In retrospect, there may have not been a global crisis in 1998 had rates been left unchanged but it sure looked like it at the time. One thing is for sure. AG did take the punch bowl away in 1999. The market still went nuts.

To: Perspective who wrote (19755)	11/7/2001 6:36:56 AM
From: KyrosL	Respond to of 209892

OT >>It's his JOB to take away the punch bowl before everyone gets too sauced. This is not entirely true. During AG's reign, Congress has changed the charter of the Fed from strictly a defender of the currency (just like the European ECB) to a defender of the currency AS WELL AS a preserver of prosperity. The two goals are, of course, contradictory in the short to medium term. But Congress always works in the short to medium term. And if the Fed fails to preserve prosperity, Congress can pass even more stupid and disastrous laws. For example, it can legislate that the Fed buy bonds and stocks, or even abolish the requirement to defend the currency. So, the difficulties that AG finds himself in, can all be laid at the feet of the Congress, and ultimately, us voters that elected our Congress.