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

To: Merritt who wrote (41761)	12/31/1998 9:19:00 PM
From: Tommaso	Respond to of 132070

More significantly, here are the percentage rises. bog.frb.fed.us Evidently the Fed is willing (as we have all said over and over) to keep the bubble in stocks inflating, in hopes of forestalling global deflation. The great advocate of Keynsian economics ("money doesn't matter") and loose money, John Kenneth Galbraith, has condemned the Greenspan policy as promoting financial irresponsibility. Greenspan has completely betrayed his own convictions. But as soon as any hint of wage/price ot commodity inflation appears, the Fed will raise interest rates. What could really set off the collapse would be a resolve of OPEC to cut production. This would itself be hard on markets, but then if the Fed perceived energy price rises as inflationary and raised interest rates, the stock Market on average could come down 60% and the Internet stocks by 90%. Or even more.