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Strategies & Market Trends : Currencies and the Global Capital Markets -- Ignore unavailable to you. Want to Upgrade?

To: Henry Volquardsen who wrote (585)	9/5/1998 12:47:00 AM
From: Frodo Baxter	Respond to of 3536

So I recorded this morning's Squawk Box, because Larry Kudlow was on. I watched it and felt dutifully patriotic. Then I watched the McLaughlin Group, and got a second dose of Kudlow. Which made me feel real cheerful. Then I read Greenspan's latest speech: bog.frb.fed.us I noticed he said the Fed had already backed off from its bias toward tightening. I guess that means they're on the ball. I also saw that he betrayed his Austrian leanings, with references to Schumpeter and malinvestment. But what I found really interesting was his extensive commentary on the stock market, something that he usually does not do. "Current claims on a source of income available 20 or 30 years in the future still have current value. But should claims on the hereafter?" Translation: Irrational exuberance. Okay fine Alan, maybe Coke and Yahoo are a bit overvalued. "This [their role in keeping the economy humming] has imparted a significant derived value to a financial system that can do that effectively and, despite recent retrenchments, to the stock market value of those individual institutions that make up that system." Translation: Lehman Brothers is a screaming buy that's trading at book value with a P/E of 6. But basically, I get the feeling he's not at all averse to spiking the punch bowl if the party starts to get boring. As long as we promise not to get too excited. Well I promise, as I let out a slight snort. I guess that makes me a bull.

To: Henry Volquardsen who wrote (585)	9/5/1998 11:30:00 AM
From: N	Read Replies (1) \| Respond to of 3536

Question: Is this the good news? Is this news? ''I emphasized the importance of implementing strong actions to strengthen the banking system and restore confidence,'' [right, the major line] Rubin told a news briefing after a 90-minute closed-door meeting with his Japanese counterpart Kiichi Miyazawa. ''This requires, in our view, using sufficient public funds aggressively and appropriately to strengthen weak but viable banks, [this is all japan has been willing to commit to] accompanied by an accelerated disclosure of troubled assets, improved financial disclosure, and a strengthening of ...the regulatory structure,'[boilerplate] he added. ---- If italics too pessimistic here, please correct.... Oh Krugman, Krugman...have you got any snake oil today? Nancy