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Greenspans been day trading under the maids name Roxie. While on the
message boards this morning a short really yanked his chain and totally
pissed him off. His comments "burn baby burn" after announcing the rate cut
were not understood by the press. Neither were Roxie's last post at the end
of the day "your mom ma".
Robert
At 05:18 PM 1/3/01 -0500, scheier wrote:
>'Lucky Bastard' wrote:
>
> > The Federal Reserve's duties fall into four general areas: .........(1)
>
> > ........stable prices; (2)
>
>Surprise moves like today tend to destablize, and almost seem
>to be an intent by the Fed to use the positions of professioal
>market participants to its advantage. Try making the case to
>specialists and hedge funds, all of whom provide key market
>liquidity, the case that sudden action intent on surprise is an
>act of stablization.
>
> >
> > .................(3) maintaining the stability of the financial
> > system
>
>Both sides of market postions by professionals--short and long--
>deserve consideration by the Fed. And in no instance should
>the Fed ever use the position of any key market players to
>to its own disruptive advantage.
>
> > ....... and (4) providing certain financial services to the U.S.
> > government, the public, financial institutions, and foreign official
> > institutions, including playing a major role in operating the nation's
> > payment systems.
>
>All this suggests that the Fed is a public servant, and therefore
>responsible to the private sector which lends it's authority to
>government and not vice versa. I believe the Constitution
>aptly begins "We the people...". And if the concurrent language
>of the Fed Reserve does not in fact reflect this, I would humbly
>submit that it is long overdue. An added section to such charter
>might begin "First, do no harm..."
>
>Thanks for the url and your contribution, I'll take a look. Maybe
>they have a complaint box....
>
>Scheier~
>
> >
> >
> > http://www.federalreserve.gov/pf/pdf/frspf1.pdf
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