Public Heel....
As I have noted, I have been very impressed with the ability and tenacity of Greenspan, and it is pretty obvious where he is coming from. To date he has been quite successful - more so than I would have believed several months ago. I think what the author was looking at is the same thing I have noted before - never in history (as far as I know) has intervention been successful over a longer time span.
Intervention has failed miserably once in Japan just recently and I believe it is about to fail again. There is no reason to assume that "this time is different" just because it is our own Fed that is pulling the strings, and when it becomes obvious to all that the economy is steadily deteriorating despite all the Fed has done, reality at some point will set in and the markets will tank.
Just my opinion, and I could be wrong.
mlsoft
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