|
PureBytes Links
Trading Reference Links
|
It's not about rates .. it's about non-borrowed reserves and money supply ..
rates can be very misleading
----- Original Message -----
From: "scheier" <scheier@xxxxxxxxx>
To: "Felix" <felixty@xxxxxxxxxxx>
Cc: "Omega Users List" <omega-list@xxxxxxxxxx>
Sent: Thursday, January 04, 2001 7:13 AM
Subject: Statue to Greenspan/Re: the Fed
> Felix wrote:
>
> > Wallstreet should one day show its gratefulness to Greenspan by putting
his
> > statue riding the bull.
>
> But Greenspan isn't responsible for the Bull market, no more
> so than Bill Clinton. This connection is naive and just stand
> up to scrutiny. A study of hikes and cuts along side the
> longer history of the stock market over the last 70+ years reveal
> that interest rates have only the shortest term affect on investor
> psychology. If rates controlled the market, it wouldn't have
> continued to climb from the depths of the '74 bear while rates
> continued to ratchet up to their highest in recorded history,
> nor would the market have continued to crash in '30 when rates
> went affectively to zero.
>
>
>
|