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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (128578)10/10/2001 8:29:29 PM
From: Dr. Jeff  Read Replies (1) of 436258
 
A nice summary from today's Fleck:

"Brokers are working overtime to think up reasons for
people to buy stocks. State pension funds are buying stocks.
Domestic institutions are redeeming large amounts from fixed
income managers to put into stocks. The U.S. government is
encouraging and facilitating stock buying by corporations. We are
witnessing a globally coordinated effort to use stock markets as the
primary tool of economic policy. Monetary and fiscal stimulus will
increase globally, i.e., massive amounts of money will be printed
and spent. These efforts will succeed for a period of time, but
create conditions for a worse global economic and financial crisis
than the one that would result from allowing markets to normalize
now."

"The Internet services sector
is today's best performer so far. People have clearly decided it is
time to buy the biggest pieces of crap they can find, because these
will rally the most. There is a high and rising level of confidence that
global economic cooperation/rhetoric/manipulation will be as
effective in pushing up the risk asset markets as it was in 1998. We
are entering the 'political-will-dominates-economic-reality' phase.
Yes, for a while."
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