Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (16407)	1/20/1999 11:07:00 AM
From: Ilaine	Read Replies (2) \| Respond to of 86076

What in the f is Greenspan testifying about Medicare for? This is strange.

To: MythMan who wrote (16407)	1/20/1999 3:49:00 PM
From: Defrocked	Read Replies (1) \| Respond to of 86076

Excerpts after running AG's speech through the Babel translation site. AG: "The American economy through year-end continued to perform in an outstanding manner. Economic growth remained solid, and financial markets, after freezing up temporarily following the Russian default, are again channeling an ample flow of capital to businesses and households." Translation: Whew! We made it through this autumn. AG: "The situation in Brazil and its potential for spilling over to reduce demand in other emerging market economies also constitute a possible source of downside risk for demand in the United States. So far, markets seem to have reacted reasonably well ." Translation: Whew! I thought we'd have to juice money again but so far so good. AG: "Though the pace of economic expansion is widely expected to moderate as 1999 unfolds, signs of an appreciable slowdown as yet remain scant." Translation: I hope Jerry Jordan is wrong and we haven't overreacted. AG: "But, while asset values are very important to the economy and so must be carefully monitored and assessed by the Federal Reserve, they are not themselves a target of monetary policy. We need to react to changes in financial markets, as we did this fall, but our objective is the maximum sustainable growth of the U.S. economy, not particular levels of asset prices." Translation: I'd rather fight the inflation-devil I know than the deflation-devil I don't know. AG: "Some moderation in economic growth, however, might be required to sustain the expansion." Translation: Just kidding, I won't raise rates without sufficient warning in May. AG: "The recent behavior of profits also underlines the unusual nature of the rebound in equity prices and the possibility that the recent performance of the equity markets will have difficulty in being sustained." Translation: Can't believe the market is 65% higher after my "irrational exuberance" speech! What a joke! AG: "We were not attempting to prop up equity prices, nor did we plan to continue to ease rates until equity prices recovered, as some have erroneously inferred." Translation: Hell, we lowered rates to help Goldman's IPO. I'll do it again if I have too. AG: "It is important not to undermine the highly sensitive ongoing process of reallocation of capital from less to more productive uses." Translation: I'll now use sleight-of-hand and talk about productivity and trade restrictions, as if they have anything to do with current market conditions. Duh.