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> I have previously held Mr. Greenspan in fairly high regard, but
> must reconsider my opinion. This is an example of the Fed
> playing god. That's not its role.
<chuckle> Sounds like somebody got caught short. My advice, get over it.
Sh*t happens. Anyone who doubts that Greenspan is the most powerful man
in the world needs to take a reality pill. His charter is to do the best
he can for the overall economy. He doesn't owe the short sellers squat.
Sure, with the benefit of hindsight, they should have started easing
earlier but better late than never. I've heard the whiners complain that
the Fed should have done the cut before or after market hours. The price
spike would have been worse if they did that. It would have locked the
futures markets limit up and no paper would have been able to trade.
Better for the average garage trader to let it do its thing and give
them the option to trade if they wanted to. About the poor market
makers, they knew the risks when they took the job and they are well
paid for them. No sympathy here from someone who is more often than not
a victim of manipulation by the market makers. I'm sure they will be
doing their best to manipulate the market back down so they can cover
their positions at the expense of the public. Personally (since I'm long
:-) I hope they don't succeed.
--
Dennis
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