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To: pbull who wrote (9309)	10/7/2002 1:42:32 AM
From: pbull	Respond to of 13815

Alan Abelson in Barron's really lit into Greenspan a few weeks back, when Greenie said they didn't forsee a bubble and, besides, the Fed only had history books and a few "musty archives" to compare to the situation they were faced with. Abelson, in a civilized manner, referred to the minutes of Fed meetings in 1996 when none other than Greenie himself voiced concern over a developing bubble, then proceeded to pour gasoline on the fire. So now, here we are, with a dysfunctional market and, by extension, a dysfunctional economy. My point: There are millions of people, not just in the U.S. but all over the world, who just want to make a decent living and raise their children. How are they supposed to do that? John Bogle of Vanguard said it best. "It's not a few bad apples in the barrel. It's the barrel that's spoiled." And we can thank Mr. Hubris, Alan Greenspan, for that. PB

To: pbull who wrote (9309)	10/7/2002 9:10:58 AM
From: Sig	Read Replies (2) \| Respond to of 13815

<<<Aren't these Fed clowns something? Aren't the market and the economy basically the same thing? I'll say the Dow jumps 300 points at least, largely on short covering, assuming a 1/4-point cut and some choice words from Al. Will any gains in the Dow be sustainable? No. This is one of those times shorts shouldn't particularly dread; they'll re-establish positions in their faves, like JPM, at higher prices. The Nikkei broke out again today toward the abyss.>>> Looks like a critical day for the Market. A possible turning point Human intervention for 20 years could not save the Nikkei Can the Harvard BS grads, insulated from the masses who have the purse-strings do the job? Its a far different world for those with jobs, Political connections, Club memberships, and secure retirement assets than it is for the unemployed and those whose jobs are theatened. If todays Fed action cant save us, it may take a program like the WPA, a new space program, a new highway program to save the situation and the US leadership position in financial markets. Dont know the effect of a War tho. Yes, if we get a bounce, I'll buy some more putskis. Sig