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Politics : Stockman Scott's Political Debate Porch
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To: Jim Willie CB who wrote (4265)8/9/2002 12:54:02 PM
From: mt_mike  Read Replies (2) of 89467
 
Jim, I spoke at a seminar recently about estate planning which was sponsored by a major borkerage firm. I generally decline these types of invitations but the brokerages are getting smart and sending attractive women to deliver the invites so I decided to do it.
About 150 people showed up and the financial advisors and money managers got up and said how things were turning around and now is the time to invest and put cash to work. They went on to say that they think the Fed will cut rates and there is no reason to let cash sit in a money market account. Anyway, they asked how many people had sold stock or lost confidence in the markets. 2 friggin people raised their hands.
I talked to some people during the cocktail reception and although some people are concerned they ALL think the market will turn around. I asked about the weakening dollar and the credit bubble and no one understood the ramifications.
The point of this message is that my very unscientific survey points to the fact that there has been no capitulation. The majority of the brokers and investors are still a bunch of sheep who refuse to educate themselves about the economy. I took a bath in 2000 but I feel like I learned my lesson.
This is all going to end very very bad.
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