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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (35367)	11/5/1998 7:25:00 PM
From: Tommaso	Read Replies (2) \| Respond to of 132070

I just looked at both the amgdata.com and at the Fed site. The Fed has once again succeeded in reinflating the bubble by acting in panicky fashion to prevent what they perceive as a threat of disruption of the banking system by the unregulated speculation in the so-called "derivatives." Now I know that Joseph G. is deeply skeptical of AMG services data, but it's all there is; and it shows a weekly inflow of over $4 billion, on a level with earlier ongoing buying exuberance. Also, M2 and M3 are rising again, back up to levels around 9-10%. This is like a party that had got everyone almost tapped out, and then at 3:00 a.m. someone brings in a case of Champagne and starts popping th corks. And who is this unlikely wine merchant? This improbable sommelier? None other than old pasty-faced, bathtub-soaking, Ayn-Rand-reading, you-know-who. What we have going here is economic folly equal to the military folly of the Vietnam War. But as J. K. Galbraith said of 1929, "All that was being lost was money." Not arms and legs and colons and scrotums and eardrums and minds. Whe IT comes it will be bigger, longer, and worse than 90% of the investing public can possibly imagine.