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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: MythMan who wrote (137745)12/8/2001 9:50:36 AM
From: Mike M2  Read Replies (1) of 436258
 
MM, perhaps I am obsessive compulsive -g- . No way is the worst over the bigger the boom the bigger the bust. Booms cause over investment and malinvestment ( semis, fiber, telecommunication etc.) and excess debt. The decline in S&P earnings over the past year has been the worst in history. The quality of earnings ( IMO) is the worst in history. Slowly, there is a growing recognition that the profit and productivity miracle was a mirage. I'll elaborate on this later. We will experience the worst recession since the Great Depression - you cannot borrow your way to prosperity especially when so much of the debt is not for productive uses. mike
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