Word: feds
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...nobody had any visibility except Alan Greenspan, who told the House that 1) the economy is "deteriorating at a slower rate," that 2) the Fed is ready for that rate to speed up again, and 3) everything'll pick up again by January...
...Investors seemed to agree with this writer that of the three, the third statement was the one most likely indicative of a worried Fed head blowing smoke up a certain unmentionable orifice, in hopes of making all our dreams come true...
...these days, with a very long month to go before the next Fed meeting, Greenspan is taking every chance to meddle...
...annual testimony on matters economic in front of the House and Senate was usually a pointless exercise. The financial world was like a stockbroker on a cocaine jag - euphoric and volatile and throwing cash around like, well, a stockbroker on a cocaine jag. Greenspan saved his lever-pulling for Fed meetings and put the lawmakers to sleep with boilerplate. The only real payoff to watching was to see how barely Lord Alan disguised his bemusement at the questions posed after his prepared remarks...
...This is man who has thrown six interest rate cuts totaling 275 basis points into the gaping maw of this slowdown, and he hasn't heard back from any of them yet. The data rolling in has gone from "unrelentingly bad" to "mixed," yet the Fed still doesn't know when its rate-cutting days are through. And though history seems likely to find that merely avoiding a recession after that global-sized Internet bubble-burst is a pretty impressive feat, Greenspan is still hearing from critics that he may have delayed the recovery by waiting until last January...