pass pass, the 38% decline in NASDAQ, IMHO, is due to a once in a lifetime occurrence of bad events all happening at the same time:
- the approaching end ( 2000 ) of an 8 year old aging Bull - full economy that couldn't grow faster than 8% - Triple Bubble caused by money pumping into Asian Crisis '98, Russian Crisis and y2k non-event by an insecure Fed Chairman. - An ill timed revival of the oil cartel - Internet tulip mania unpropitiously born 1999-2000 - Unhappy arrival of Oct. tax selling season - a nasty re-election with an arrogant Vice President who insisted on counting nonexistent dimpled and pregnant figments of his imagination with complete disregard of the law and of what effects his attempts to jerry rig the election where having on a swooning stock market. - rising inflation compounded by rising health care due to 8 years of failure by this administration to try and fix the problem; trying instead to sweep it under a gravestone called HMOs and National Health Insurance, complete failures every where they've been tried. - A misguided Fed Chairman, who is too old and slow to keep his pace up: too late in raising rates and too late in lowering them. Lost in his own mutterings and mumbling unable to see The Bubble in time because he created it and he was inside it. -And finally a President who has allowed the highest state of taxation in 50 years to persist through a misguided belief in a the socialistic dogma that only redistribution of wealth can create wealth,
Just some thoughts that quickly come to mind.
Now we wait for Pat's quick Democratic defense of the White Oral Orifice, cigars included
TA
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Message #15029 from pass pass at Dec 19, 2000 10:37 PM The way I look at it, this Nasdaq crash is man-made. Not by politicians, but by one man. He's worried about the wealth effect to death, so he's determined to let the air out of the internet bubble. Now, the market heard him and threw the baby out with the bath water. To him, it doesn't matter because he feels the country can survive with or without the internet. |