Atlas Flinched

[Carl Remick]

>>[The FT's Lex column states:] Investors have every cause for short-term 
>>celebration, and shares
>>duly soared on the news. But in the longer term, Alan Greenspan, Fed
>>chairman, may not be doing anyone a favour. Working off the excesses
>>of an overvalued stock market is a painful but necessary process -
>>and one that arguably still had some way to run in the case of
>>technology stocks. By showing investors he will rescue them come
>>what may, he is encouraging excessive risk-taking and the formation
>>of future bubbles. Investors should ask themselves whether in
>>fostering such a classic moral hazard the Fed is really being their
>>friend.
>
>Sadomonetarism lives!
>
>Doug

Isn't the larger point that big money has boxed itself in and has no good 
alternatives at this point?  U.S. capitalists have lived in a dream world 
from Reagan through Clinton and now face the curse of answered prayers.  
They wanted to recreate the laisser-faire paradise of a century ago and were 
remarkably successful, virtually guaranteeing a resurgence of the 
manic-depressive, boom-bust intensity of classic capitalism, guaranteeing 
agony and waste all around.

Carl

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