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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Earlie who wrote (82819)6/21/2002 11:46:02 AM
From: Joseph Beltran  Read Replies (4) of 99280
 
Earlie,

The nasdaq has gone from 5000+ to below 1500. It'll probably settle down at 1000 or so, that's my guess. Although all this didn't happen overnight, the decline from the top has been significant and although many won't say this, the nasdaq has in fact "crashed".
A good friend is a human resources director for a big firm in San Francisco and he tells me that the job market is absolutely horrible. People have run out of benefits and are beginning to move out of state and/or move in with relatives. Professionals, like attorneys, executives, etc., cannot find jobs. Many state agencies have hiring freezes because the state budget is in deep red. On a recent visit up there San Francisco was dead in terms of tourism. I guess what I'm saying is that I think we have many "signs" that we are entering or about to enter into a depressionary stage. As to the housing market here in CA I think it is a absolute "bubble". Do you realize what detonation of even a small nuclear, biological, or chemical device in the middle of silicon valley would do to the economy of the U.S. If properties become contaminated -biologically, chemically, or radioactively- what would happen to property values overnight?
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