>>> Doug Henwood <dhenwood at panix.com> 05/05/00 01:32PM >>>
Carl Remick quoted:
>Druckenmiller
Back during the government shutdown idiocy a few years ago, Druckenmiller went before a Congressional committee and urged the Treasury to default. Lots of people scratched their heads, wondering why a guy who owned billions in U.S. paper would recommend such a course. A bond trader explained to me what he thought Druckenmiller's reasoning was: for a big bondholder, the biggest fear is default, so Druckenmiller wanted that fear in the markets, so the event itself might be an anticlimax. This reminded me once again that bigtime speculators think really differently from most people.
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CB: F. Scott Fitzgerald: "The rich are very different than you and I."
Ernest Hemingway: "Yes, they have more money."
CB