Heinz, most of the "FASHION" stocks were down 20% from today's levels only 12 tradign hours ago and 10% from yesterday around noon.
The whole issues smells of collusion and sleeze.
I was interviewed by USA Today about the markets in general and who is mainly to blame, I picked up the telephone and tried to explain to the guy that WS and this administration is to blame in addition to corrupt editors on the TV networks and newspapers who only promote stocks and WS BS.
I do not think he will print that.
> Your comments would be appreciated for a story we're doing in USA TODAY on
> who or what is to blame for this market crash.
>
> Please e-mail me with your phone number or call me toll free at 800-872-3410
> and ask for me, Matt Krantz.
>
> Thanks,
>
> Matt Krantz
> Reporter
> USA TODAY
Thanks Matt, unfortunately I am in Tel Aviv Israel, due to the illness of my
parents. I would love to discuss with you this issue, but could you call me in Tel Aviv? 011-972-3-523-2744.
Or would you have my opinion in writing - in a nutshell over the last several years the markets were used as a political tool by the various governments from HK to UK and US. The issues are related ot a fantastic PR work of WS and changes in the way the inflation is reported, add to that misleading productivity numbers due to the export of real manufacturing jobs, under reporting of wage increases due to option packages and you get the proper illusion of prosperity, which started in it's earnest in 1997.
In general I anticipate a moderate rally into first half of the month of MAY.
Let me know by e-mail if you would like to call.
--
Sincerely Yours,
Haim Branisteanu, Partner
Ramko Rolland Associates
212-308-2477 (I am not at this telephone now)
E-mail hbranisteanu@nyc.rr.com
_____________________________________________________
> Maybe we can do this on e-mail. The questions I have are:
>
> 1. Who do you blame for this nasty correction of the Nasdaq and tech stocks?
> Is it Greenspan? Wall Street analysts? The media?
The nasty correction is to blame on those who believe that stocks go only up and can manipulate the market. I think it since last November there was a collusion between WS houses and Tech Stock money managers, who exploited the FED concern of Y2K, by inflating the M1 - - e.g. liquidity infusion.
The media is to blame by not making their own home work and failing to be true independent, and let WS manipulte the various networks due to the heavy advertising campaing by WS. Th ereporting media is not independent IMHO and each editor cares more about the bottm line than truth in reporting. If they can exagerate something they do as is was the reaction to last week market action.
Mostly to blame are the people at CNBC I had long discussion about that with *** ***** (purposely omitted) from CNBC and he told me that they are induced to hype stocks. ------ e.g General Electric the parent company is to blame.
>
> 2. Do you buy tech stocks? If yes, for how long?
Yes I am for various periods of time but I set for myself some time/gain limits -- e.g 20% a month I sell. My commission costs are $5 per transaction.
Investing opportunities are like the subway --- always there is another one coming.
>
> 3. Are you taking any action based on the correction? Selling your weaker
> holdings, buying on the dip, etc?
I sold most of my stock during February March, started to short stocks a month ago, now my bias is buying for a short term rally.
>
> 4. What city are you based in?
New York City
>
> 5. What generally speaking is your profession?
Corporate Finance and Operational Restructuring of distressed companies.
>
One more comment on the market crash - "Who to Blame" issue is the SEC. There are many laws under the jurisdiction of the SEC and one of them is fair and transparent financial reporting.
To date it is unclear why most publicly held companies have dual reporting one for the IRS and other tax agencies and one for the SEC and their shareholder.
The SEC ignores the misleading financial reports issued to the investing public and does not enforce the appropriate laws for proper reporting.
To make my comments clearer....... The SEC should request companies to file the same financial reports and P& L with the SEC as company files with the IRS.
Believe me many profits will be much smaller or even will turn into losses and losses will expand substantially.
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