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I just came back from Chicago yesterday and on the plane read a very good
book on Alan Greenspan called "Maestro" by Bob Woodward.
Before I read that book I would have been surprised by the move between
meetings. But now I understand that president has already been set to move
between meetings.
Dave Pyle
DPyle96@xxxxxxxxxxxxx
----- Original Message -----
From: "amjad moghul" <amjadm@xxxxxxxxxxxxx>
To: <omega-list@xxxxxxxxxx>
Sent: Wednesday, January 03, 2001 5:15 PM
Subject: RE: the Fed
> The point most people are missing about Scheier's comments are not that
> he was short or long. The fact that most people are naturally long - even
> in a bear market will no doubt welcome todays actions - but I agree with
> Scheier - the fed should have stuck to its original plan for its meeting
> end of January to announce. Im sure if the tables were turned and they
> raised rates in the middle of the day alot more people would be
complaining
> and 'whining'. People forget that the last fed meeting was not so long
ago
> and they had ample opportunity to 'do the right thing' at that meeting.
> Raising or lowering interest rates in the middle of a trading
> period - especially at 1:15 - when most people are at lunch? You have to
> wonder about the timing -let alone the day.
>
>
>
> --
> Amjad Moghul
> amjadm@xxxxxxxxxxxxx
> --
>
>
> -----Original Message-----
> From: DH [mailto:catapult@xxxxxxxxxxxxxx]
> Sent: Wednesday, January 03, 2001 4:41 PM
> To: Omega List
> Subject: Re: the Fed
>
>
> > 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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