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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: Jim Willie CB who wrote (52597)6/4/2002 11:09:32 AM
From: Boplicity  Read Replies (2) of 65232
 
here this fits into your thinking

By James J. Cramer

06/03/2002 02:36 PM EDT

We used to joke about Japan at my old hedge fund. We used to say that it was "crony capitalism," in that some people were allowed to win and some were slated to lose. Some people were favored, others were kept down and the bosses always came out on top. We knew it was rigged and even if we could figure it out, we didn't want to play.

Now it's our turn.

Now we look like the cronies. Now the U.S. looks like the hotbed of crony capitalism. The Financial Times first brought this to my attention last week in an editorial about how bad this country now looks.

It was in a piece about the dollar and how it could go much lower than we think. I liked the piece because we Americans often forget how we look overseas. Right now we look just plain awful. We look like a country of jokers who pay top dollar to people who rig markets or cheat or steal -- then, when it gets discovered, they get away with it because they're rich and above the law.

If I was an overseas investor, I would have serious doubts about this country as a fair and honest place to invest. I think that the people who run the companies in these other countries that get in trouble actually don't get to keep the money. They don't get to carry on their lives as if nothing happened.

So just keep in mind that in past years, when things got cheap, foreigners came in and made bids for whole companies. But I don't think that will happen this time.

There's too much crony capitalism.
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