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Pastimes : I AM A MINDLESS ZOMBIE
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To: Maurice Winn who started this subject12/19/2002 11:59:37 AM
From: Maurice Winn  Read Replies (4) of 258
 
The Mindless Zombies are still at it: <The great bull market of the late 1990s was the result of rapid credit expansion at the Federal Reserve. Loose credit fed into asset prices by lowering the cost of capital and overstimulating investment in speculative Internet and telecom ventures. When the investments failed to generate expected profits, and the entire structure moved from boom to bust as investors were forced to re-allocate their capital more rationally. Instead of addressing the root cause of the collapsing financial bubble, regulatory policies have moved in the direction of treating two symptoms of the problem: aggressive corporate accounting and conflicts of interest on Wall Street.>

siliconinvestor.com

Since there is even more rapid credit creation now and interest rates are near zero, the MZ logic is that the stock market [and everything else?] should be booming in price. While there has been a rally on the way down the Nasdaq crunch, it's not exactly irrational exuberance as in the good old days of Y2K.
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