Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 155.82

-1.3%

Jan 23 9:30 AM EST

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To: DWB who wrote (33615)	6/29/1999 5:22:00 PM
From: Jim Willie CB	Read Replies (1) of 152472

<<The "wealth effect" does not exist. As most accountants--but too few economists--know, it is impossible for the economy as a whole to spend the wealth created by the stock market.>> from WSJ article not entirely true... check out lack of savings rate... that counters the wealth effect... either take out money on margin against stocks, or at higher interest rate build up credit card debt I admit I agree with most of what article proposes I find economists to be the most arrogant among all statisticians, while at the same time having the absolute worst track record why... is sustainable growth rate believed to be 3%? ... nonsense why? show me evidence? please no conjecture! is floor unemployment rate before inflation kicks at 4%? ... nonsense why? show me evidence? please no conjecture! unfortunately the FED now sees itself as the unstated custodian of the economy, not the money supply (as chartered in US Constitution).. FED now manages the economy by managing and speaking to the stock market... not all that surprising since babyboomers will push stock market to unprecedented highs... in 1960s buy Kodak stock, in 1980s buy Reebok stock, in 1990s just buy stock same economists predicted employmt based inflation when jobless rate went under 5% for first time in 1995... WRONG same economists reduce productivity levels when PC's drop in price, do not measure technology develpmts in service (huge) at all, do not measure tech devmts in banking (huge) at all again, economists are arrogant AND wrong 75% of the time / jim willie (statistician)

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