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Politics : Electoral College 2000 - Ahead of the Curve
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To: Carolyn who wrote (2622)11/19/2000 8:28:24 AM
From: jttmab  Read Replies (1) of 6710
 
There's actually a fair number of people that were expecting a long term bear market before this election stuff ever happened. Please note the conservative position that the current administration had nothing to do with the current economy...so why would a new Democratic administration had anything to do with the new economy?

But returning to market fundamentals. One should consider that historically the markets have an average P/E of 15. The NASDAQ has an average P/E of over 100; the S&P and average of 26 and the DOW an average P/E of either 17 or 19 [can't recall which at the moment]. It would be very difficult for investors who are familiar with the underlying fundamentals to assert that the average P/E of either the NASDAQ or the S&P is indefinitely sustainable. Considering that there is a slowing of global economies it would be pretty hard to blame it on any administration, let alone the next one. The argument then, that a Gore win results in a LT Bear Market is baseless whether or not a set of people agree that it would. I recall a number of conservatives that predicted the collapse of the markets if Clinton were elected, he was they didn't; hence the new "theory" that the current administration had nothing to do with the economy.

Best Regards,
jttmab
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