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Politics : Ask Michael Burke

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To: Freedom Fighter who wrote (80481)	5/7/2000 11:38:00 AM
From: Don Lloyd	Read Replies (1) of 132070

Wayne - From Gene Epstein's review in Barron's of 'Irrational Exuberance' by Robert J. Shiller. - "...As [Jeremy] Siegel put it, "What Bob Shiller overlooks is that we know how to avoid a depression like the 'Thirties, we know how to avoid an inflation like the 'Seventies, and except for the mild recession of 1990-91, we've been living through a peacetime expansion that's now in its 18th year, and is still going strong. So I think we could make the case that our macrostability has markedly improved, and that for this reason, equities aren't as risky as they used to be."..." This sounds an awful lot like one of those quotes that marks a market AND economic top and is remembered for generations. My proposal for a new iron law of political economics - As long as the American people believe that prosperity flows from the barrel of a pen, the government can be counted upon to do precisely the wrong thing at exactly the wrong time and to persist in doing so until voted out of office, or some other unnatural disaster intervenes. Regards, Don

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