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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (63270)6/28/1999 5:12:00 PM
From: Knighty Tin  Read Replies (4) of 132070
 
To All, Savings rate hits a new all-time low. prodigy-news.excite.com The talking heads on CNBS were all aglow talking about how low savings and gangbusters' consumer spending were the result of capital gains during a strong stock market. Nonsense. If folks were spending their capital gains, the stock market would not be where it is today. Nope, even Larry Wachtel, the usually perceptive commentator from Painless Webber got it wrong. Yes, there are capital gains, but they are being plowed back into stocks until they all become capital losses. After all, buy high and sell low is the way the herd does it. So, how are they spending so much more than income? Just look at the debt figures.

So, bulls, wrong again. This economy is not the result of a strong stock market and the strong stock market is not the result of a strong economy. Both are simply signs of imbalances due to an explosion in debt. This is so obvious it is kind of amazing the talking heads don't even mention it.
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