Received: by alpheratz.cpm.aca.mmu.ac.uk id EAA28216 (8.6.9/5.3[ref pg@gmsl.co.uk] for cpm.aca.mmu.ac.uk from fmb-majordomo@mmu.ac.uk); Mon, 25 Feb 2002 04:27:37 GMT From: <AaronLynch@aol.com> Message-ID: <108.de26f39.29ab15f1@aol.com> Date: Sun, 24 Feb 2002 23:22:09 EST Subject: Re: Two financial thought contagion papers now online To: memetics@mmu.ac.uk Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit X-Mailer: AOL 4.0 for Windows 95 sub 113 Sender: fmb-majordomo@mmu.ac.uk Precedence: bulk Reply-To: memetics@mmu.ac.uk
In a message dated 2/24/2002 9:42:22 PM Central Standard Time,
ecphoric@hotmail.com writes:
> Subj: Re: Two financial thought contagion papers now online
> Date: 2/24/2002 9:42:22 PM Central Standard Time
> From: ecphoric@hotmail.com (Scott Chase)
> Sender: fmb-majordomo@mmu.ac.uk
> Reply-to: memetics@mmu.ac.uk
> To: memetics@mmu.ac.uk
>
>
>
>
>
> >From: <AaronLynch@aol.com>
> >Reply-To: memetics@mmu.ac.uk
> >To: memetics@mmu.ac.uk
> >Subject: Re: Two financial thought contagion papers now online
> >Date: Sun, 24 Feb 2002 21:18:44 EST
> >
> >In a message dated 2/22/2002 6:33:55 PM Central Standard Time, Grant
> >Callaghan <grantc4@hotmail.com> writes:
> >
> > > I remember that even the authoritarian advice of Alan Greenspan about
> > > "irrational exuberance" was laughed at not long before the bubble
> >burst.
> > > Someone even wrote a book making fun of his catch phrase. A few
months
> > > later, it wasnt' funny anymore. But logic says the stock market only
> >does
> > > two things: it goes up and it goes down -- sequentially. It's a
> > > self-correcting mechanism that always over-corrects before it
> >stabilizes.
> > > The past history of the market demonstrates this trend over and over
> >during
> > > the past hundred years. But irrational exuberance is stronger than
> >data
> >and
> > >
> > > that hope that beats eternal within the human breast takes on
religious
> > > overtones of belief in the ponzi scheme of an over-subscribed market.
> >The
> > > most common term for it is "The Greater Fool" theory. This implies
> >that
> >one
> > >
> > > can always find a greater fool to sell inflated stocks to. Sounds a
> >lot
> > > alike the mantra of the lottery ticket buyer: "You can't win if you
> >don't
> > > buy a ticket."
> > >
> > > Grant
> >
> >Hi Grant.
> >
> >Actually, the book Irrational Exuberance is a serious and very well
> >done book, not meant as a joke. I think that some media people may
> >have joked about it, though. It has a chapter on contagions, too.
> >Also, Alan Greenspan started referring to "the contagion effect"
> >in reference to the Asian economic crisis in 1997.
> >
> >
> Is that the same Alan Greenspan who wrote the essays "Antitrust", "Gold
and
> Economic Freedom", and "The Assault on Integrity" which were published in
> Ayn Rand's _Capitalism: the Unknown Ideal_? What's he up to these days ;-)
I think he was named Chieftain of the Joint Chairs of Staff, or
something. Maybe I should take a course in Greenspanology and
go read those essays!
--Aaron Lynch
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