>>We tend to view 'Fed-heads' as good or bad if they help or hinder us from making money. <<<
Lee I haven't had any problem making money in good or bad times and that has nothing to do about my thoughts about Greenspan. Investor's Business Daily's editorial staff always hits Grenspan for being too tight on interest rates. I disagree with that. I think he should have been tighter starting as soon as he saw irrational exuberance. You that "nobody want the circus to end", "nobody wants the fantasy to end". That's the problem with Greenspan. He never knew when to close up the bar and tell folks to go home and rest. As I mentioned the other day, how much better to have controlled growth of 8-12% a year, and be hitting new highs today on the Nas of 1420, than taking the Nas to 5,000 first. Sounds like the bartender that serves his patrons to many drinks and then hands them the car keys. Crash!!!
That's my beef with Greenspan. Never had the balls to say no to those that wanted the bubble to get bigger. Greenspan should have let the markets take more of a natural course during the "Asian Flu", "LTCM" and Y2K. No Lee, I wanted the monetary binge drinking to stop a long time ago. Greenspan job was to stop it. He's the one who could not just say "no".
Joe
