| Wes, I disagree, we've had 4 rate cuts in the last 5 months, 200 basis points, increased liquidity and look at where the Nasdaq is, nowhere since the first cut and increased money supply. In the second half of 99 we didn't have declining earnings, slow growth, high valuations, squeezed margins, high energy costs, a collapsed bubble, negative savings, record high debt, destroyed wealth effect, etc.. So, IMO, this time is very different. While I agree that easy money will help with some spending, the price wars and squeezed margins won't help earnings. And, much of the extra cash flying arouind is going to energy costs. The market could go higher, but I'm not banking on it. I agree there has to be a limit. Just my opinion. |
