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Politics : Ask Michael Burke
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To: BGR who wrote (78559)3/24/2000 7:06:00 AM
From: Earlie  Read Replies (1) of 132070
 
BGR:

Obviously, I'm one of those "doomsayers". (g)

I was a bit early (a "bit"???), hence the nick name. (g)

Or was I? No question in my mind that we have been in a bear market since April, 1998, (two years) which is obvious when the A/D line is perused or a broad selection of stocks examined. The much discussed "narrowing" of the market is also indicative of a bear at work.

Manias are rare events and are not easily recognized, but the many quarters of across-the-board declining earnings, the frightening rise in corporate/consumer debt, the soaring PEs and cooked government stats. are a few items that evidence its arrival.

The Fed knows we are in an accelerating global deflation (created by the lax monetary policies of the last decade) and is fighting a rear guard action with the only weapon now left in its arsenal,.....printing. The Fed can delay the crunch, but the delay just exacerbates the fall.

Best, Earlie
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