As i sit here awaiting my trusty turbo tax software to print my 1999 tax returns, my mind drifted off to Mr. Greenspan's Humphrey Hawkins testimony from last week.(Yes...I have no life. Not only am I preparing taxes on a beautiful President's Day weekend, but now I'm thinking about Alan Greenspan. Oh well.)Is it me or has Mr. Greenspan gone over the line in suggesting that he'd like to see stock prices somehow correlated to wage growth. As that great contemporary thinker of our time....Jim Carey said in a line from Ace Ventura...."Obsess Much??"Personally, I'd like to see the Fed spend more time worrying about the real inflationary demons out there such as energy prices. He seems much more concerned about stock prices than I think his role truly warrants. As evidence, look at the sectors of the market that have been most impacted by the fed's recent and perceived future rate moves. You guessed it, he's hitting sectors that have not outperformed at all during the last year. He needs a scalpal to apply to the NASDAQ and he's using a butcher knife on the overall market.My real peeve is in his testimony on Friday. I just don't understand his inference about his desire to see stock prices correlated to wage growth. Huh??Final point (the really shallow, immature and petty one!) I remember seeing in a recent disclosure that Mr. Greenspan has been out of US Equities COMPLETELY.His portfolio is 100% fixed income. Is it blasphemy to suggest that our Fed chief would just love to smugly remind his intellectual friends at the next Washington cocktail party that he "told you so" when the markets violently correct his perception of irrational exhuberance.Whew, I feel better already....my tax return finished printing......I owe how much?@#$% So much for increased consumer spending from increasing stock prices!!Maybe I'm just not WISE enough to understand all this complex economics.
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