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Pastimes : Ask Mohan about the Market
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To: Mike M2 who wrote (10264)12/5/1997 1:00:00 PM
From: Mike M2  Read Replies (1) of 18056
 
I found some interesting remarks in Patterson's "The Great Boom & Panic" Pete you'll like this R.F. Harrod said "...during the boom people were spending more on consumption than they would have done,given their incomes,without the stimulus it provided. They were led to spend more than they would otherwise have done by a phenomenon which could not continue indefinately. They were in fact spending more than people with their level of income and their temperment would normally do. there was a lack of balance between saving and spending, consisting of an abnormally high degree of spending. the lack of balance here is in flagrant opposition to that suggested by the production figures. But for the Stock Exchange inflation people would have saved more than they did .... " Note that the current savings rate is a very low 3.6 % but Wall St dismisses it because of the wealth created by the stock mkt. Harrod says what I have felt is true at the present . Mike
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