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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: robnhood who wrote (34583)11/7/2000 2:28:59 PM
From: pater tenebrarum  Read Replies (1) of 436258
 
exactly. and if you look at the carnage in some sectors, you can't help but conclude that in many respects the market is simply in denial. people just refuse to believe the good times may be over. it will take several doses of progressively worsening news to make them believe. interestingly, the financial press of the early '30's kept preaching the imminent return of the boom...this is a little known factoid, but it really took a complete stock market wipe-out to finally kill the misplaced optimism. by the time the lows were hit in July of '32, perceptions had finally changed, and radically so. the founders of Dean Witter btw. recommended selling in '28 ( a bit too early) and buying in early '32 (also a bit too early) and were considered complete fools in both instances.
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