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Politics : Ask Michael Burke
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To: TRINDY who wrote (70649)11/17/1999 10:02:00 AM
From: Mike M2  Read Replies (2) of 132070
 
Trindy, I'd like to put my two cents in. I have been a Hickey subscriber for 3 years - his fundamental analysis is excellent but FA can be ignored for a long time during a Fed induced credit bubble. In my opinion this current mania is most like the 20s but the excesses are far worse. For a nice summary of the similarities I highly recommend Edward Chancellors " Devil Take the Hindmost" pp. 191-232 . In the 20s we had investment trusts now we have mutual funds . In the 20s the high tech marvels were the auto, airplane, radio, the growth of electric power, Henry Ford's assembly line . It is also interesting to note that it was thought that prohibition would boost productivity. Ever go to work hungover ? -g- These were some of the factors which gave rise to "new era" thinking. We also saw the concentration of wealth if the media did not love clinton so much we would hear more about those who have been left behind during the greatest bull market of all time. In the 20s wages did not rise with productivity much of the gains accrued to corporate profits so the workers of the 20s resorted to consumer installment loans to make up for the lack of wage growth- sound familiar! Then, like now most economists saw no inflation that is because the inflation was in the financial markets. It was thought that the Fedral Reserve could prevent depression through enlightened monetary policy -ho ho ho. The real story is during the 20s the Feds monetary policy was too loose igniting the speculative boom what is frightening is the current excesses in money and credit are far worse than the 20s thanks in large part to the reckless policies of the Federal Reserve. cont. in next note Mike
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