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Politics : Formerly About Advanced Micro Devices

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To: i-node who wrote (148293)	7/15/2002 12:40:09 PM
From: tejek	Read Replies (1) of 1573375

Not Buying It: Consumers Are Jumping Ship By James J. Cramer 07/15/2002 12:22 PM EDT You can see what the market is saying: we lost the consumer. The consumer has been the prop to this market, and we lost the consumer because of the corporate cronyism that now seems obvious to everyone. What's amazing is that the market has decided that President Bush is part of the problem. He is widely viewed as being soft on business -- it may not be far from the mark, given that he has declined to embrace any of the tricky issues that either Paul Sarbanes or Eliot Spitzer have brought up and is widely viewed as championing the status quo when it comes to the details. And the details really do matter. Oddly enough, we are witnessing some strength in tech, which is funny considering that if those companies were to embrace Coca-Cola's accounting, their price-to-earnings ratios would be revealed as extremely high. No doubt about it, though, the big issue is the decline in confidence in the consumer, who now believes that the market is no more than the World Wrestling Federation of stocks, with a fix that is in favor of guys like Dick Cheney and George W. Bush -- and against the 401(k) holders. Can you blame them? -------------------------------------------------------------------------------- James J. Cramer is a director and co-founder of TheStreet.com.

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