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

To: Kailash who wrote (48452)	2/23/1999 2:39:00 PM
From: Wildstar	Read Replies (2) \| Respond to of 132070

>>>"I think I have an answer now, in that it's very difficult to judge, except in retrospect. If any stock market ... falls by 30 or 40 percent in a matter of weeks or a very few months I will grant that there was a bubble back there. The issue of trying to identify a bubble in advance means you have to be confident enough to predict a decline of that order of magnitude, and I don't know anyone who knows how to do that. <<< So it's a bubble only once it pops but not before?

To: Kailash who wrote (48452)	2/23/1999 3:49:00 PM
From: Ilaine	Read Replies (1) \| Respond to of 132070

>>>>>Whether or not it's gripped by irrational exuberance is an issue that you won't really know for sure, except after the fact. But as I indicate in my prepared remarks, that I suspect that these markets are highly valued, leaves me without terribly much doubt at this point.<<<<< C'mon, guys, it doesn't a philologist to see that he is saying "Yes." Q: "Is the market gripped by irrational exuberance?" A: "These markets are highly valued (which) leaves me without terribly much doubt (that the market is gripped by irrational exuberance) at this time." He also said that it's not the job of the Federal Reserve to intervene to save the stock market. Which is true. It's not in the charter, period. It is in their charter to try to eliminate or damp down inflation and deflation to protect the money supply. Greenspan clearly stated the economy is very strong, he said something like "anyone who wants a job can find one."