Dow drops to 5 year low after speech

tw · 07-16-2002, 01:47 PM

The market rose 35 points last weekin expectation of a speech on Wall Street by George Jr. His speech was so pathetic that the market immediately dropped that day and every day since to finish the worst week since 11 Sept. This week, it continued that down attitude until, after droppng the Dow another 400 points in one day, analysts decided it was bargin hunting time. Still the market dropped today. Then Greespan gave a speech.

Greenspan talked responsibly noting that economic fundamentals are solid and that corporate problems are directly traceable to top management. He said that a responsible CEO wants solid, consistent, boring, spread sheets so that he can learn what did and did not work inside his company. Irresponsible CEOs instead only want to look good to the public. This is what Wall Street wants to hear - not the nonsense in speeches from a President who was also investigated for insider trading when George Sr was president.

One of the stupid ideas by George Jr is a fraud task force in the Justice Department. Bull. That is what the SEC is for. However for some reason (maybe because of past investigations of George Jr), George Jr refuses to empower the SEC. Harvey Pitts is clearly demonstrating the White House line that the SEC needs no enforcement or investigative powers and money. And yet that is exactly what the Clinton White House and current Congress both deem necessary. What makes George Jr so obstinate?

At least Greenspan is saying what mustbe said. Markets respond positively to honest talk. George Jr is operating consistently. Clinton wanted to fix the problem using the SEC - using what the SEC was setup and designed to do. But George JR instead created more bureacracy elsewhere. Just so we don't do what Clinton recommended? Why does this president so fear Clinton? Or is he more driven by his 'previous insider trading' mentality to properly fund the SEC?

07-16-2002, 01:47 PM	#18
tw Read? I only know how to write. Join Date: Jan 2001 Posts: 11,933	The market rose 35 points last weekin expectation of a speech on Wall Street by George Jr. His speech was so pathetic that the market immediately dropped that day and every day since to finish the worst week since 11 Sept. This week, it continued that down attitude until, after droppng the Dow another 400 points in one day, analysts decided it was bargin hunting time. Still the market dropped today. Then Greespan gave a speech. Greenspan talked responsibly noting that economic fundamentals are solid and that corporate problems are directly traceable to top management. He said that a responsible CEO wants solid, consistent, boring, spread sheets so that he can learn what did and did not work inside his company. Irresponsible CEOs instead only want to look good to the public. This is what Wall Street wants to hear - not the nonsense in speeches from a President who was also investigated for insider trading when George Sr was president. One of the stupid ideas by George Jr is a fraud task force in the Justice Department. Bull. That is what the SEC is for. However for some reason (maybe because of past investigations of George Jr), George Jr refuses to empower the SEC. Harvey Pitts is clearly demonstrating the White House line that the SEC needs no enforcement or investigative powers and money. And yet that is exactly what the Clinton White House and current Congress both deem necessary. What makes George Jr so obstinate? At least Greenspan is saying what mustbe said. Markets respond positively to honest talk. George Jr is operating consistently. Clinton wanted to fix the problem using the SEC - using what the SEC was setup and designed to do. But George JR instead created more bureacracy elsewhere. Just so we don't do what Clinton recommended? Why does this president so fear Clinton? Or is he more driven by his 'previous insider trading' mentality to properly fund the SEC?

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