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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: XBrit who wrote (77832)3/9/2001 12:14:31 PM
From: pater tenebrarum  Read Replies (1) of 436258
 
yep..all these facts are completely ignored by mainstream economists. which is why their forecasts will once again turn out to be completely wrong. it will take a long time for a recovery to take hold.

in fact, we already have incontrovertible proof that 'this time it's different' as the Fed rate cuts have failed to have a lasting effect on risky financial assets: not only has the stock market not responded to them for the first time since 1930, but credit spreads have also seen only temporary relief. the dollar efficiency of mutual fund inflows is now negative. all this suggests that the paper pyramid has simply become too large: no amount of money seems able to further support it.

this is exactly what has happened in Japan. and we're only at the beginning stages of the bust.
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