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i don't usually get into these "philosophical" debates, scheier, but mark is
dead-nuts on.
-----Original Message-----
From: Mark Brown [mailto:markbrown@markbrown.com]
Sent: Wednesday, January 03, 2001 10:46 AM
To: scheier
Cc: Omega Users List
Subject: Re: the Fed
Hello scheier,
what you don't understand is that the market told you what would
happen BEFORE IT HAPPENED you were just not listening..
s> I'm very lucky to be able to say I wasn't short the emini
s> nasdaq when this Fed announcement came out, but that was
s> by pure luck, as I was short twice on the way down for
s> moderate profits in what I thought was a normal day. In my
s> opinion, there is no excuse for the Fed to treat the market
s> and its participants in different manner for potentially bullish
s> news as it does for bearish. The right way for the Fed to behave
s> for such dramatic reversals of policy is giving small hints. This
s> intentional surprise treats such participants like market makers,
s> floor speculators, and specialists--who by nature must take short
s> positions as part of their daily role-- as if they were second class.
s> I have previously held Mr. Greenspan in fairly high regard, but
s> must reconsider my opinion. This is an example of the Fed
s> playing god. That's not its role. It's role is to tweak. It's manner
s> should be humble. In this action, it places itself above the private
s> sector as if the corporate world of equity ownership were subservient
s> to the Fed's control. This is the ultimate disrespect. Some have
s> said they thought Mr. Greenspan should have gone some months ago
s> because of his lagging actions to leading indicators of a lagging
s> economy. I say he was doing exactly what he should have been
s> doing at that time. Now I find myself on the opposite side of
s> their opinions again. As they love him for his actions today, I
s> despise him for the thoughtless and even arrogant way in which
s> he has superseded his role.
s> Scheier
--
Best regards,
Mark Brown mailto:markbrown@markbrown.com
Y = Offset + Amplitude * sin(Frequency * X)
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