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To: NickSE who wrote (32483)	4/11/1999 11:51:00 PM
From: NickSE	of 86076

Is America's boom over? newaus.com.au ............. Ranging across the market we see the same overall trend — and it spells bear. So what is going on? We are witnessing the equivalent of Britain's 1840s railway mania, the then-equivalent of our hi-tech stocks. And this one too will end only one way. This depressing thought has rippled through Wall Street. Just as investors ploughed their savings into railway companies to reap massive future rewards, their share prices rose out of all proportion to economic reality. The eventual collapse of these shares ruined many thousands. Today, the market is also being driven by fund managers whose only guide seems to be an index. Their desire to buy what goes up has given the market an additional momentum. Nevertheless, the result will be the same. Of course, the market's underlying momentum, and original fuel, was Greenspan's lax monetary policy which generated considerable credit expansion — even now, he still has his foot on the accelerator. Perhaps he is trying to do a Benjamin Stong and give "a little coup de whiskey to the stock market," as Strong once said shortly before he let the money supply go in 1926. .............

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