Alan Greenspan: Maestro or Meddling Menace?
Yesterday the markets thumbed their collective nose at the "Maestro." At Tuesday's close, all the broad indices -- every one of them: the NASDAQ Composite, the S&P 500, the Russell 2000, and the Wilshire Total Market -- were all slightly lower than they were on Wednesday, April 18, at 10:57 am EDT when Alan Greenspan […]
Yesterday the markets thumbed their collective nose at the “Maestro.”
At Tuesday’s close, all the broad indices — every one of them: the NASDAQ Composite, the S&P 500, the Russell 2000, and the Wilshire Total Market — were all slightly lower than they were on Wednesday, April 18, at 10:57 am EDT when Alan Greenspan shocked the markets with a surprise 50 basis point cut in the fed funds rate. Only the narrow Dow Jones Industrial Average is higher, and that by a mere 100 points.
So much for “don’t fight the Fed,” that tired old clich
Don Luskin is Chief Investment Officer for Trend Macrolytics, an economics research and consulting service providing exclusive market-focused, real-time analysis to the institutional investment community. You can visit the weblog of his forthcoming book ‘The Conspiracy to Keep You Poor and Stupid’ at www.poorandstupid.com. He is also a contributing writer to SmartMoney.com.
The views represent those of the author and not necessarily those of Capitalism Magazine.
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