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From:
Steve Poser, President
Poser Global Market Strategies
http://www.poserglobal.com
> "... And, Alan Greenspan will get his rightful place in history as being
> the man that THREE (1987, 1998 and 2000) times prevented global financial
> disaster and as possibly the greatest market thinker in history."
>
> NW: Steve, although skeptical about your theory, I was all set to hit the delete key on your
> posting about Greenspan and move to the next message.......until I read the last line.
> Greenspan may get credit for saving the financial world in 1987, but he certainly does not
> deserve it. 1983, fours years earlier, on Nightly Business Report, he said that if he were
> Fed Chairman, the year before an election, he would slow the economy so that it could be
> goosed in time for the election to help the incumbent win the election. Guess what? 1987,
> that is exactly what he did by raising interest rates over the summer to 9%. It was only
> after the markets crashed that he took his foot off the brake and hit the accelerator. After
> the crash, I wrote an editorial saying that when Greenspan leaves the Fed he could get a job
> as New York cab driver, one foot on the brake, one foot on the gas, jerking you all the way.
> So, bottom line is that Alan Greenspan may have a good track record in the 1990s, but he
> also is responsible for the Crash of '87, one of the worse financial panics of the 20th
> century. .Oh well, even Babe Ruth struck out.
Happy Holidays,
Norman
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