Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who started this subject	2/26/2001 2:06:44 PM
From: tradermike_1999	of 74559

Just got back from my trip today. A lot of posts on this board to go through - 150 or so. Wrote this on the flight home: In the last few months we’ve seen enormous changes in the stock market, the economy, and the country. I’m writing this on an airplane flight back home from Las Vegas, Nevada. That city is a perfect metaphor for the country - a place whose tax revenue has been dependent upon wild gambling and wages of service jobs. Likewise we live in a nation whose economy boomed in the last decade thanks to the money printing Federal Reserve and a rising stock market. Fashion is changing. There is an old theory that says that during boom times women wear short skirts and when the economy goes in a slump their hemlines drop too. What happens is that when women have more money they can afford to buy expensive stockings and show off. When their money is tight they hide their legs. A new fashion movement hit corporate America during the bull market mania: dress casual. Reporters talked as if the “new economy” was going to profoundly change this country like the American Revolution or the Civil Rights Movement did. The press called the CEO’s and the Internet venture capitalists the new revolutionaries. Corporate America was more than happy to take up that mantel. They went casual to fit their new role. Bill Gales wore sweaters and Larry Ellison wore cool sunglasses. The new fashion movement trickled down to the non tech workplace. It was everywhere. Al Gore went casual. Bush did too. As the new economy went bust the captains of industry went retro. No one wants to look like a motley internut fool. Tough times speak for a need of purpose and self-discipline. This isn’t the time for anarchy or revolution. It is time to tuck the shirts in. It is a time in which corporate chieftains feel doubtful and uneasy under falling stock prices and investor angst. A time in which they feel the need to shore up our confidence by putting on the suit and tie. On my plane trip home all of the first class businessmen are wearing business suits. On a plane trip I took last year they were all wearing sweaters and polo shirts. They’ll to do more than just change their appearance to maintain their bottom line. They will hand out pink slips and become pallbearers for doom. They can’t afford to appear to be casual about it. They need to have the discipline to carry out the orders handed to them by the market. Time to put down the mantel of revolution and put on the uniform of cost cutting.

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