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Politics : High Tolerance Plasticity

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To: Telemarker who wrote (7615)	9/10/2001 9:51:29 AM
From: kodiak_bull	Read Replies (2) of 23153

Telemarker, Excellent Grant article, worth reposting the link, and selecting another portion for the skimmers to skim: iht.com "At the 2000 peak of the titanic bull market, as shares in companies with no visible means of support commanded high prices, the value of all stocks as a percentage of the American GDP reached 183 percent, more than twice the level before the crash in 1929. Were investors out of their minds? Wall Street analysts were happy to reassure them on this point: No, they were the privileged financiers of the new economy. Digital communications were like the wheel or gunpowder or the internal combustion engine, only better. The Internet would revolutionize the conveyance of human thought. To quibble about the valuation of companies was seen almost as an act of ingratitude." In markets all things are cyclical, even the idea that markets are not cyclical. The notion that the millennial economy was in some way "new" was an early portent of confusion." Kb

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