Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 170.90

-1.3%

3:59 PM EST

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To: marginmike who wrote (91230)	1/4/2001 9:01:43 PM
From: Yamakita	Read Replies (1) of 152472

Marginmike, most of what you say about Japan presupposes that Japan's political economy is like that of the rest of the G-8 countries. It just isn't true. The inflation of real estate was entirely engineered by the Ministry of Finance, who thought they could create, pretty much out of thin air, the concept of virtually unlimited free capital. They ordered the banks to do the real estate loans. That situation is in no way similar to the inflation of US tech stocks, which were bid up essentially on the promise of a new, more efficient economy. Japan's inflation of land was thuggery, pure and simple; much of it was carried out by actual thugs, the yakuza. Moreover, Japan's capital markets are an intricately designed house of cards. Because companies don't use GAAP, shareholders--most of whom are other companies that "crosshold" the shares of one another--are totally clueless about the real state of a company's books, many of which have been routinely cooked and boiled for so long that they are fork-tender. Your comparisons with Japan are WAY off. Yamakita (erstwhile MOF employee)

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