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Strategies & Market Trends : The Stock Market Bubble

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To: Joan Osland Graffius who wrote (3140)	5/7/2000 3:30:00 AM
From: Dale Baker	Read Replies (1) of 3339

This is the "theological absolute" side of the bubble argument that I don't agree with. You assume credit markets must be in a certain condition for stocks to prosper; you declare they are not; therefore markets must fall. How long have the credit markets been in this state? How has the market performed in the meantime? Is the correlation still valid with widespread public participation in the market? Do new productivity levels affect the credit markets? Does new technology affect the role of credit in the economy? I see a boatload of questions which simple, absolute arguments don't address. Largely because the theocratic absolute assumptions are decades old, while the circumstances we are dealing with are relatively recent. Unless you believe nothing ever changes, which some here do. Obviously I don't. So explain how "unhealthy" credit will affect the NASDAQ for the rest of this year. Not just "the yields are in the wrong place according to the textbook." Spell out how A leads to B and I may change my mind.

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