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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: yard_man who wrote (107406)6/7/2001 7:39:58 PM
From: pater tenebrarum  Read Replies (2) of 436258
 
of course, the historic examples are not exactly abundant. but generally if one believes that a secular bear follows on the heels of a secular bull, especially if it ended in an all-out mania finale, this would be one of the times when it seems most likely that confidence in the system and the bureaucrats abilities would be shaken eventually.

note that both after the 1920's bubble and the Japanese 80's equivalent, confidence remained initially high, even though stock prices fell dramatically. a false sense of security so to speak. the myths of the bubble were/are destroyed, one by one. for instance, when did you last hear the phrase 'new era' uttered publicly, except in contempt? the current Fed incarnation's mythical god-like powers are another such myth awaiting debunkment. the structural productivity myth is already wavering mightily, but is not quite dead yet. i've even invested in the anticipated end of a myth. namely the myth that 'gold is dead'...-bg-
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