Never has a loopy 73 year old man had so much negative power over so many, and he doesn't even think we're so bad off. Greenspan's damage will limit our portfolios for years and years as they try to rebuild from his brain-dead incompetence.
Bottom line is G'span doesn't have the balls to admit that the Fed screwed up with their aggressive rate hikes. Who does he think he's kidding when he says we are not in extreme danger of a recession?? Consumer confidence is at a 5 year low, every day major companies announce lay-offs, earnings warnings, etc. And to think that most economists were warning him last summer not to be too aggresive with rate hikes, that there really wasn't any signs of inflation.
the economy slowdown is due to the dot.com destruction which began in Dec'00 when all spending just stopped. It's 3 months later all the dotcoms have been wiped out. All their revenue contributions to Sunw, EMC, CSCO, are gone and as of now there are no more dotcom revenues to lose. So basically the earnings scenario can only get better. Plus with the 100 bps taking effect we will be seeing the economy back in full gear by the 2nd half and EMC @ it's 52 week highs.