Commentary from Hays:
<<<I hope this frustration has not worn you out, because I’m more convinced than ever that we are going to look back on this period in the next few years as one of the greatest periods in world history. I believe we will look back on it as very similar to one of the previous times in U.S. history that set America on the road to greatness. Believe it or not, that previous period was the 1929-32 period. Now, don’t jump to conclusions. Today’s economy and stock market is not even close to being like 1929-32, when there was not an effective Federal Reserve, or Department of Commerce, or Securities Exchange Commission. It was a period that put those guidelines in a stronger role to support the Industrial Revolution whose “runaway” seeds had been germinating before the 1929 crash. Eighty percent of those “runaway” super-star Industrial Revolution stocks were driven into bankruptcies. The corruption and moral decay of that era was rampant, but that period caused a moral reawakening in the upcoming decades.
So here we are having survived the last decade. The “runaway” super-stars of 1999-2000 have been brought back to earth, and many, many of them have been driven into bankruptcies. The moral decay has been brought out in the full glare of the world, all the way from the Presidency of the U.S., to the Speaker of the House, to the Priests of the Catholic Church, to the accountants, the managements, top sport heroes, and now even sweet Martha Stewart.
And the bubble that was fostered and applauded while it was expanding so dramatically has now been deflated. We have experienced a round trip.
And I do know, that “that which does not destroy me, makes me stronger.”
Don’t lose sight of the tremendous good that is coming out of today’s focus on the corruption of the past. It is remaking America, and it needed a lot of remaking as Worldcom’s and Enron’s fraud has so vividly exposed.>>> |
