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

To: Don Lloyd who wrote (44867)	1/28/1999 8:40:00 PM
From: Tommaso	Respond to of 132070

The analogy with Edison doesn't work very well. A better analogy is all the competing electric light companies that started up towards the end of the nineteenth century, some of which were pure frauds, and most of which failed. Yes, Greenspan's delivery is (in his scraggly and dilapidated fashion) beguiling. I don't know if Louis XV was as charming if indeed he did say "Apres moi, le deluge," but Greenspan might as well say it. The Fed is still coasting along on the prestige achieved with great discipline and great bravery by Paul Volcker, preserving its status by systematically indulging a demoralizing extension of indebtedness that has permitted speculation that has no true foundation, whatever Greenspan may say. I remember Volcker being grilled by Ted Kennedy in the Senate--Kennedy saying something like, "Are you aware, Mr. Volcker, that you are not responding to the wishes of the public as expressed by their elected representatives?" and Volcker responding, "Senator, I believe that was the idea behind the way the Federal Reserve was set up." Greenspan is like a rich uncle who can't say no to his profligate nieces and nephews.

To: Don Lloyd who wrote (44867)	2/1/1999 3:07:00 PM
From: Yogizuna	Read Replies (2) \| Respond to of 132070

Don, But there are such things as ridiculous extremism, and the fact that many, many people will eventually end up getting hurt badly by this internet stock craze. Tell me, how will such ludicrously overdone to the max speculation help us all to become better off? Now with some moderation I would agree with you, but there is none of that to be seen in this sector, and it will come back to haunt "us" for sure. It's not a matter of if, but only of when. Yogi