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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Follies who wrote (74848)3/2/2001 6:34:14 PM
From: pater tenebrarum  Read Replies (4) of 436258
 
LOL...i doubt that. one thing that one must keep in mind is that this is the first post-war economic downturn that follows the bursting of a huge speculative, credit driven bubble.

such a downturn as Roach of MWD recently correctly remarked is materially different from the 'normal' post war business cycle. just as the boom was extended beyond anyone's wildest fantasies, so will the downturn take much longer than is now generally anticipated. i have noticed a lot of smart former bears are now advocating buying in the expectation that this is a normal cycle. it isn't. that's why the rate reductions have not had the expected effect on the markets.

working out the credit excesses and malinvestments has little to do with 'internet time'...it will be an arduous, protracted process...

while on the subject of internet and time, i had a short debate with George Gilder several 1000 NAZ points ago...he accused me of not understanding the 'new economy' and likewise accused Greenspud of all people of not understanding it either. he tried to impress me with the many tera-bytes of information that are apparently stored and moved on the internet. after i finished ROTFLMAO, i pointed out to him that he, like all the other judgment impaired new era advocates conveniently forgot to consider the element of time.
aside from the fact that a great deal of the information is quite useless, the day still has only 24 hours. the information on the internet is only useful inasmuch as humans can access and process it...and that takes time...doesn't matter how fast the information flows, or how much of it there is....it still takes the same amount of time to read and assimilate a page as it took before.
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