Quote of the Day

Amusing persective from longtime market observer Richard Russell:

Russell suspicion (of course, I could be wrong):

"Greenspan continues raising Fed Funds until the housing bubble is close (close
but not there yet) to toppling over. Greenspan leaves office in January. A month
later the stock market keels over. The housing market buckles and consumers cut
WAY back on their spending. A severe recession begins. Greenspan is gone, and
the word is, ‘Lordy, Lordy, if we only had Greenspan back, this wouldn’t be
happening . . . Greenspan, Greenspan, why did you forsake
us!’"

This is my favorite type of prediction: an offbeat amusing statement that simply rings true. Your mind’s eye can see the entire forecast unfold like a movie.

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Source:
Happy 81st birthday, Richard Russell!
Peter Brimelow
MarketWatch, 10:23 AM ET July 22, 2005   
http://www.marketwatch.com/news/story.asp?dist=&param=archive&siteid=mktw&guid=%7B1CD58FD1%2D9FE3%2D4ED5%2DA7D4%2DC969446913AB%7D&garden=&minisite=

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