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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Patrick Slevin who wrote (7318)	2/13/2006 10:34:03 PM
From: Patrick Slevin	Respond to of 33421

The parallel is important to note. Burns was appointed by a Republican White House and was friendly to incumbent Administrations. Liquidity ran high and stagflation resulted. The 70's wasn't a great time for the stock market. The DJIA got to about 1,000 in the late '60's. Did not get through until the '80's. Although Carter replaced Burns with Miller it was evident that someone tougher was needed. To Carter's credit, and I don't care if he was Republican or Democrat, he could not have been unaware that Volker was going to be detrimental to his re-election. But he was the right choice. -- As far as Greenspan's notoriety, anyone who lived in the Fifties or earlier will tell you that television has changed the way we have created celebrities. Where football and baseball players were just characters on a field, now they are well paid celebrities. Few even knew who the Chairman of the Fed was, or maybe even what the Fed was, before Cable Television.