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

To: Earlie who wrote (53946)	3/30/1999 1:20:00 PM
From: Freedom Fighter	Read Replies (2) \| Respond to of 132070

Earlie, >>A.G. is in a terrifying box in my opinion. He knows he's got a stock market bubble and he hates the $#%@# thing, but he is stuck with it, because if it lets go, the wealth effect evaporates, consumers put mattresses against doors, and the economy tanks. << Curious on you opinion about something. Do you believe he painted "himself" into this corner by being way too easy in the early 90s? Then further painted himself into a corner by not soaking up the excess liquidity when international conditions were not a factor and the system could have absorbed it (a few thousand DOW points ago)? Then further painted himself into a corner by over-easing last fall? Do you have another view? The way I see it, the man is a hero to everyone that doesn't think we have a bubble and an idiot to everyone else. Wayne

To: Earlie who wrote (53946)	3/30/1999 1:40:00 PM
From: Mike M2	Read Replies (2) \| Respond to of 132070

Earlie, Happy Dow 10k HO HO HO My read on AG if he was going to act he would have ( and should have IMO) done so long ago . Even at these absurd levels it would be better to attempt to deflate for to do nothing only ensures greater damage when the bubble bursts of its own accord. Ludwig von Mises said " there is no means of avoiding the final collapse of a boom expansion brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved" from " Human action' p. 576. IMO AG has assured his place in history as the most irresponsible central banker in history. Mike

To: Earlie who wrote (53946)	3/30/1999 5:39:00 PM
From: Lucretius	Read Replies (2) \| Respond to of 132070

that clown's job is to protect the US currency not be a bubble managing econmic czar.... The Fed will likely cease to exist after this bubble pops and the finger pointing starts.