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In a message dated 3/15/00 7:00:03 AM Pacific Standard Time,
prosys@xxxxxxxxxxxxxxxx writes:
> I am guessing that Greenspan was just re-nominated with some "conditions"
he
> must follow.
Perhaps, or maybe the dems just didn't want to rock the boat: "if it ain't
broke, don't fix it."
> Greenspan's statements are what did the market-in. Also, the fact that he
> was "new" to the markets. He said significant interest rate increases were
> warranted...he placed the fear of God in the market.
Actually it was Treasury Secretary James Baker who talked the market into a
corner. Moreover, the plate was set by Paul Volker who bailed just weeks shy
of the August peak, causing a sharp sell off for a day or so, and then the
market soared again short term after hearing "good ol' boy" Greenspan was in.
I'm not a Greenspan fan, but from what I remember (and it's a little cloudy
in here) he was dealt a lousy hand when he quietly sat at the table. He did
well to survive that storm, and was not its cause.
Just curious: were you trading then? Your previous posts about breadth in
1987 are what got me into this thread.
Bill Wynne
SmartTrades.com
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