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Politics : Ask Michael Burke

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To: Joan Osland Graffius who wrote (96742)	7/20/2002 11:47:01 AM
From: Amir Shalit	Read Replies (1) of 132070

T & Joan, I don't see much media interest in the market. San Diego local TV stations barely mentioned the slump. They had one "buy and hold" female analyst saying it's a great buying opportunity for anyone with a five years time horizon. <g> The S&P is currently trading at 15 times peak faked earning at the top of the infinite money supply bubble. Doesn't sound that cheap to me. <g> Huge liabilities of the American auto companies, a few surviving Telecoms including NT & LU and the major lending institutes must sort itself out. I expect trillions in bad debt to be written off prior to actual bottom. P/E ratios are just meaningless for a company like GM facing $70B of unfunded pension fund and $300B total liabilities. I don't think comparing the situation to 1998 is fair since now we are in a bear market in which reality has some bearing. Amir

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