Joe...
As I have been saying, the tools in Greenspan's little box are not directed at the problem in the economy and thus have not and will not cure what ails us. The only thing AG can do that addresses the real problem (the consumer and corporate America are both hugely in debt and tapped out) is to reflate the economy by driving the equity markets up enough to give the consumer a new source of spending money. If he fails at that, the economy will go deeper into recession for an extended period of time and there will be nothing he or Congress can do.
I believe he will fail simply because even the Fed does not have that ability over a longer term time span and he will be overcome by selling when the reality of the fundamental situation sets in with the investing public.
I note that Greenspan has ramped the $USD overnight, and I assume that is a precursor of another round of intervention today to at least prevent a major selloff on the GDP disappointment, and I also assume that if he thinks it possible he will ramp the markets to the upside today. Fundamentals and technicals mean nothing - it is AG's market until the sellers take it away from him.
mlsoft
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