Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: isopatch who wrote (3512)	11/1/2001 1:03:49 PM
From: gold$10k	of 36161

Hi Isopatch, <<implosion of the greatest debt pyramid of all time... society that's vastly overextended in every direction you look and been living beyond it's means on a scale that's nothing short of mind boggling>> I again completely agree. ContraryInvestor.com and others have been making the point about debt for quite a while with charts that clearly illustrate how totally off the scale both household and corporate debt are. Also, using the stock market valuation as a "living beyond it's means" indicator, there's a chart on page 6 of Robert Shiller's book "Irrational Exuberance" which shows both the S&P Composite Stock Price and the S&P Composite Earnings in real (inflation adjusted) terms from 1860 to the present. It's the scariest chart I ever saw because it shows that while there is a long term correlation between price and earnings, the current disconnect between the two appears to be a factor of 3 larger than it was in the 60's. <<But an understanding of the broad sweep of historical trends leaves little doubt about what's unfolding before our eyes.>> Another amen! Regards, vt

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