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Strategies & Market Trends : The New Economy and its Winners
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To: Bill Harmond who wrote (514)5/24/2000 12:40:00 AM
From: Gary Walker  Read Replies (2) of 57684
 
>>You were part of the pump that pumped this bubble.

Now the Fed is merely pricking it, something they couldn't afford to do during the asian crisis. That forced the Fed to accommodate during the period which led to unprecedented increases in equity prices while keeping interest rates low. This just pumped our Bull market and set up this decline.

Without pulling out my old Barron's the bear market of the 70's was much more than just '74. It was the worst year but the Dow didn't recover to 1000 until 5-6 years later after the high in January of '73.

There were very few rallies and hardly any volume, except off the low in the fall of '74 to the spring of '75. People bailed from that market and didn't participate for years. Mutual funds went out of business.

In '74 there was widespread fear of an economic meltdown caused by insane government (price controls) and federal reserve actions.

People in Japan now understand a "bear" market since they've been in one since 1988. Our parents remember the 30's. Every one of those cases was caused by the frothing bull of the prior 10 years.

Call it an "interest rate correction" but don't make it out to be anything different from the past.

The real reason for this massive market decline is the excess speculation that fueled the unprecedented rise in the NAZ. Now the bad news, the decline ain't over yet.

I still can't believe you are holding through this. Easy come easy go.....
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