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Technology Stocks : Discuss Year 2000 Issues

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To: C.K. Houston who wrote (6392)	7/9/1999 8:40:00 AM
From: John Hunt	Read Replies (2) of 9818

How Y2K could sink the Stock Market << The stock bubble of 1999 constitutes perhaps the most dangerous, speculative investment climate ever. Exactly three score and ten years after 1929, the world seems poised on the verge of an equally ruinous stock market collapse. As the Dow Jones Industrial Average of blue chip American stocks passed 10,000 and then 11,000—the last extremely volatile surge representing the fastest 1,000 point rise ever—the speculative orgy of day traders ramping the price of Internet firms and other unproven enterprises started to resemble a casino, with the players punch drunk on the free booze of easy credit. Overvalued markets tend to become even more overvalued; in normal times it would be hard to predict just how long this unstable situation would last. But this is not a normal market. In light of the historic Y2K or Year 2000 computer crisis, the complacency, blindness and greed of the stock orgy has been nothing short of astonishing. The vessel is now out of control, the S.S. DowTanic is recklessly into overdrive. But the DowTanic is racing headlong into an obstruction it cannot avoid: Y2K is now less than six months away. The general public has dismissed warnings that this epochal event may be considerably more than the trivial weekend glitch the bubble-blowers would have them believe. Yet Wall Street and Bay Street continue to pump air into the stock balloon, singing the calming refrain of "Y2K-OK" ... more ... >> gold-eagle.com Now there's a new chant for Cheeky Kid to sing down at the shelter ... Y2K-OK! < vbg > If the market follows its normal scenario of anticipating problems about 6 months in advance, it must be just about be 'down elevator' time.

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