The stock market reacted to Alan Greenspan on Wednesday like a grateful teenager who has just been bailed out of jail by his father after wrecking the family car. Unfortunately, it doesn't change the bill for the damage.
Someone still has to settle accounts.
Despite the market's joyous rebound, nobody who invests in tech stocks should be fooled into thinking that the problems that have beset their investments are behind them. Nor will an interest rate decrease immediately affect the dwindling earnings of tech stocks. I don't mean to sound grudging in my respect for Mr. Greenspan. Even Zeus can't repeal business cycles. And Greenspan's decision to act between meetings of the Fed governors underscores how serious the signs of economic decay are.