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To: Cynic 2005 who wrote (12378)	12/3/1998 4:55:00 PM
From: Defrocked	Respond to of 86076

Regardless of today's activity, you gotta look out for Mr. Greenspan's current proclivity for easy money. Fed may have made the decision, not unamiously mind you, to continue easing until banks are not endangered by "outside" monetary forces, e.g hedge funds suffering from credit crunches, or Brazil breakdown or further Asian contagions. I certainly don't like the extant risk/reward tradeoffs, but that won't necessarily slowdown the rabid bulls especially if AG keeps greasing the monetary growth path. Eventually discipline will be imposed on the Fed by the bond and currency markets...at a price of lost Fed credibility which I'm surprised AG is willing to risk. But then if he is willing to roll that dice then indeed he greatly fears the downside from inaction. I found the following post interesting Message 6663569