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Pastimes : All Clowns Must Be Destroyed
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To: Lucretius who wrote (24781)4/11/2000 1:54:00 PM
From: SOROS  Read Replies (1) of 42523
 
Luc,

Please don't just dismiss this question and call Voltaire a clown. I really would like to hear an intelligent argument as to why Voltaire is wrong when he says the Houses will not allow a crash because they would lose too much money. When the various brokers come out and say "lighten up on techs", don't you think they are already positioned? Then does it not make sense to bring it back up? I really don't understand who has control of this market. Common sense has said stocks are overvalued for at least 7-8 months, but certainly since November, 1999 when Nasdaq ran from 2900 to 5000 -- yet, no crash. Do you think Clinton/Gore will allow a crash and kill Gore's chances, or do they and Greenspan really have no control? Where does the 401(k) money go in a crash scenario? Do funds ever panic and move more money to cash, or do they simply stop buying with new inflows from 401(k)'s, and is this sufficient to allow a crash? At what level would you throw caution to the wind and buy technology -- Nasdaq 3000 or lower? I really think if you want a crash, I would have to go 100% invested, and right now I am sitting on the sidelines. Someday I may get upset enough and just put all my money (the little that's left) into AMZN or Krispy Kreme. That would send us to 1929 immediately (gg)!

In all seriousness, I'd love to hear your actual reasons which contradict Voltaire's analysis (forget the angel stuff -- I believe everyone just likes to kid a little or everyone has their own idiosyncrasies.

I remain,

SOROS
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