Stockman Scott's Political Debate Porch Message Board

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Politics : Stockman Scott's Political Debate Porch

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To: 4figureau who wrote (7825)	10/5/2002 1:18:39 PM
From: jjkirk	Read Replies (2) of 89467

Excellent work in painting a face on this economic monster we face, 4 man. There is little wiggle room for any mid-term, (or long-term?) rational hope for a turnaround as long as these factors remain in place. Unfortunately, until the majority of investors and consumers face these issues, they will continue to obliviously fly in the face of the gale. I still have one or two clients a week asking for a copy of their 2001 tax returns to take to a lender to refinance. I could not talk a lady out of taking a variable; not that I have a license to do so...my shingle is in tax, not financial mgt. As you and others have stated on these and other threads, the housing bubble will not burst until these folks are hit by rising interest rates, which is inevitable. Back to the reasons to stay out of the market, may I caveat that with the idea of don't stay long overnight? There is much money to be made on the short side, and, in playing the sucker ramps like the ones that kept me in the long side of market for a year and a half after I should have exited/shorted. We have not seen the last of these ramps which will be called "bottoms" by Abbie and the other talking heads. (Are they crooks?...or do they really believe what they say?...) When the ramp ups are prolonged, ever more "bagholders" will be sucked back into the market. The smart money will then be shorting or unloading old stock that was under water at the lower levels....and so goes the greater fool theoy...Oh, why was I so stupid on 12/31/99? How about gold, figureau? What is your take on holding it as insurance against catastrophic failure in the markets...? Any thoughts?...tia...jj

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