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Politics : Ask Michael Burke
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To: Freedom Fighter who wrote (70747)11/19/1999 10:37:00 AM
From: Mike M2  Read Replies (1) of 132070
 
Wayne, It seems they will stop at nothing to perpetuate the bubble. PEs could double and most would not care. I was reading Edward Chancellor's Devil Take The Hindmost - he has a chapter covering the Japanese bubble and the steps taken to attempt to stem the decline. I expect outrageous steps will be taken here in an attempt to perpetuate the bubble. It is pathetic because the bigger the boom the bigger the bust. Chancellor quotes Warren Buffet " in the end , alchemy, whether it is metallurgical or financial fails. A base business cannot be transformed into a golden business by tricks of accounting or capital structure" p. 278 . I also found this in a footnote p. 276 " In another letter dated 13 February 1985, Greenspan claimed that Keating's management had turned Lincoln into "a financially strong institution" which would not pose any risk of loss to the federal insurer " for the forseeable future" Greenspan was paid $40,000 for writing two letters and testifying on Keating's behalf. " taken from Martin Mayer " The Greatest-Ever Bank Robbery: The Collapse of the Savings and Loan Industry" . It has been obvious to me for some time that this bubble will be allowed to grow until it bursts of its own accord . This book only serves to reinforce that notion. AG knows better but he cannot or will not do anything to mitigate the damage so we are in for some serious TL & EV. Mike
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