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To: Roads End who wrote (227457)	3/12/2003 11:02:55 AM
From: Bill/WA	Read Replies (1) \| Respond to of 436258

Riechers, <<An analyst from Bear Stearns just stated on CNBS>> I just caught the tail end of that & thought for a minute I had the comedy channel on the tube! UFB!

To: Roads End who wrote (227457)	3/12/2003 11:12:33 AM
From: Perspective	Read Replies (1) \| Respond to of 436258

Yeah, but it sounds like Greenboink is starting to take the mortgage finance bubble seriously. Why else would he be out talking down house pricing? And why is the market suddenly taking Poole seriously? I think that Greenie's strategy has been to sequentially deal with the following: 1. Deal with LTCM 2. Get past Y2K without the bailout from #1 falling apart 3. Let tech bubble deflate without dragging aggregate demand 4. Let general stock market bubble deflate without dragging down aggregate demand 5. Permit the strong dollar policy to fade 6. Start letting the air out of the mortgage bubble that was created to sustain #3 and #4 7. Work on the root causes of the overall credit bubble: structured finance and derivatives? I don't know if he's that clever, but it seems like the only rationale for pursuing the policies that he has, and the sudden about face that Bernanke represents. BC

To: Roads End who wrote (227457)	3/12/2003 12:04:36 PM
From: zonder	Respond to of 436258

Bear Stearns analysts are the crappiest I know, and that is against some competition. I called the strategist up a few weeks ago, curious about the meaning of a currency piece where he expected EUR/USD parity in the first page and EUR/USD=1.15 in the third page. My personal favourite among all the times they have been wrong is when Bear Stearns was the only financial institution polled before the last time Fed lowered interest rates by 50 bp who said they would not lower rates AT ALL, while all others said rates would be lowered by 25bp or 50 bp. If lights were off, the wouldn't find their own bums with both hands. They are so clueless it is just sad...