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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (36212)	7/17/2003 3:03:57 PM
From: Cogito Ergo Sum	Read Replies (1) \| Respond to of 74559

me and the mindless mob stampeded like a giant buffalo charge look at my profile LOL... Member 7265856

To: Maurice Winn who wrote (36212)	7/17/2003 3:20:33 PM
From: Raymond Duray	Respond to of 74559

Mq, Recall that in late 1996, Greenspan made a sensible observation. That there was a possible problem with "irrational exuberance" in the equities markets. federalreserve.gov A rational observer wouldn't have predicted the extraordinary response this calm comment, buried deep in the text of his speech would have. Alan Greenspan's bosses became unglued. They became irrationally hostile to the notion that a central banker would have the audacity to do what William McChesney Martin so wisely described a couple decades earlier the technique of 'taking away the punchbowl before the party got wild'. And what did our proto-Calvinist morally rectified central banker do? Why, he immediately caved in and recanted his sensible words because they so annoyed the greedheads on Wall Street who then went on to provide a series of financial cancers called Blodgett, Meeker, Grubman, Lay, Skilling, Ebbers, etc., etc. So, successfully removing himself from his role as an arbiter of sanity in the financial markets, Greenspan got the socially pleasant but financially devastating (for the designated suckers in the game) quid pro quo he desired from the largest criminals on Wall Street. Their accolades and their recognition of his continuing acquiescence makes for a fetid swamp of swindles, aka the American financial system.