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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: 16yearcycle who wrote (24114)	9/11/1998 1:23:00 AM
From: Gottfried	Respond to of 70976

Eugene, here are Alan Greenspan's exact words on investor confidence: Clearly, the history of large swings in investor confidence and equity premiums for rational and other reasons counsels caution in the current context. We have relearned in recent weeks that just as a bull stock market feels unending and secure as an economy and stock market move forward, so it can feel when markets contract that recovery is inconceivable. Both, of course, are wrong. But because of the difficulty imagining a turnabout when such emotions take hold, periods of euphoria or distress tend to feed on themselves. Indeed, if this were not the case, the types of psychologically driven ebbs and flows of economic activity we have observed would be unlikely to exist. I repeat >periods of euphoria or distress tend to feed on themselves.< I can see that right here on this thread. The full speech (Sept. 6th)is at interactive.wsj.com GM