<<This is much more like 73-74 which i remember...>
Michael, best of luck with the job.
History does repeat itself. I highly recommend everyone currently in the market read "The Great Crash: The anatomy of financial disaster" by the famed economist John Kenneth Galbraith. Small book, and easy reading. Same story, different years. The part about embezzlement has particular parallels with ENRON, WorldComm, Global Crossing, etc. The greed that led to inflation of assets, the belief that everyone who invested in the market was a geniuos and would make money, and a complete disregard for company and economic fundamentals --- well, as I said, same story, different years.
Not to say it is exactly the same, or that the downturn will last as long, or that a great depression will follow, but it is eerily akin to the current situation. |
