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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Oeconomicus who wrote (19213)	5/27/1998 10:23:00 AM
From: Moominoid	Respond to of 94695

Now, as to the "spiral", I guess an 11 year low in Korea, multi-billion dollar losses in Japanese banks (and that's just what they've actually recognized on their reported numbers), Hang Seng falling off a cliff, a 32 year old dictatorship over 200+ million people coming to a violent end, and all the other collapsing markets worldwide is just Mr. Market discounting coming good times. Oh just add a tripling of Russian interest rates to 150% today. Runs on Indonesian banks, recession forecast for the first time in Hong Kong.... Sorry that the news is gloomy. David

To: Oeconomicus who wrote (19213)	5/27/1998 12:31:00 PM
From: Mark Myword	Respond to of 94695

>> I didn't get anything from his (Greenspan's) testimony that even addressed that as a serious concern. << Bob - Greenspan & Rubin have been downplaying the seriousness of the Asia mess for six months now. I don't blame them , as that was a psychological ploy that might have worked , i.e. ignore the problem and maybe it will somehow go away, or at least not be too serious. The reality is that the crisis is very serious , but nobody could do much except stand aside and let events unfold. So , again , best to put a "positive" spin on things and keep saying , oh , no big deal , we haven't seen any damage yet , etc. Now the s*** is starting to hit the fan , and the effects will be felt here in a big way over the next year or two. Korea and Hong Kong are collapsing , Indonesia is already in a slow revolution that could get ugly any day , and Japan is going to have to face the music , ala massive bank failures , lots of layoffs , and quite possibly a big plunge in their phony stock market before it's all over. It all will happen , the various authorities are merely trying to keep things somewhat under control , avert total panic , and sail onward without all boats being lost in the storm. Greenspan will continue to offer up his ambiguous , and tedious , commentary on the whole thing and I doubt you'll ever hear him speak the plain truth. His role is to keep things stable , and to work with the other central bankers to avoid major catastrophe. IMHO.