<and more by trying to avert a major economic catastrophe> what happens when they have no more bullets.
All i am saying, "an ounce of prevention, is better than a pound of cure."
I feel that because Fed did not work to prevent this Great Bubble of 2000 event they have had to go to a pound of cure, but the patient(market) is STILL ill,imo, and they have no more medicine.
What can they do next given if market goes into a serious relapse???
i guess i am saying--as i dip into my cliche bag:)
"they closed the barn door after the horse escaped"
Greenspan, i feel this was his hubris, decided, bubbles happen, i am not worried, i know how fix this, no problemo; i just slash interest rates once the Bubble cracks.
So now here we are, he with one but one tiny bullet, and i say that is useless bullet left, after 13 interest rate cuts.
I, believe it or not, ,like the man Greenspan!, it is just that i feel from the time he said 'irrational exuberance', he changed profoundly to the contrary of that statement, and swallowed hook line and sinker the New Paradigm Economics.
So we got no ounce of prevention and a ton of disease.
You feel he had no way out, it was out his control, the bubble was not his fault; maybe, but i feel , myself, he could have done something---but again maybe it was all just rampant greed that led to the bubble.
We do know Greenspan himself is pristine regards his being market greedy, he holds only treasuries is my understanding.Max
p.s. Bottomline i will never dislike a man simply because i disagree with their economics, as long i feel their heart in in the right place.
Greenspan is JUST a man, and men do fail at times, we know that all too well:)
i do not believe Greenspan ever intended to acheive cult status.
I actually believe it is possible he would just as well step down.
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