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Politics : PRESIDENT GEORGE W. BUSH
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To: Bald Eagle who wrote (484322)11/1/2003 12:03:30 AM
From: PartyTime  Read Replies (1) of 769670
 
Remember the Tech Crash and how it happened? Let me see if I can recount this.

Week One--Monday through Wednesday saw drastic drops and Thursday and Friday saw drastic gains; Week Two--Monday through Wednesday saw drastic drops and Thursday and Friday saw drastic gains; Week Three--Monday through Wednesday saw drastic drops and Thursday and Friday saw drastic gains. At the close of that Friday Bell Guru Cohen announced her firm sold all of her tech positions and before the bell on Monday Guru Morbius announced his firm sold all of his tech positions.

Of course, during this time folks were supposedly well-advised by the most esteemed brokers everywhere to buy on the dips. Yup! The ole' buy the dips thing. That they did, on Thursday and Friday.

Bottom line? Even though the market was going down it still appeared as though it was going up. That is going up until realization set in. And what was that small fry guy ultimate realization? "We're screwed?" Then, of course, the big fish who'd already sold their positions at the very highs then went into shorting as the small frys enmasse scaringly sold their own positions. Nice screwing, huh!

So, yes, we got a seven percent GDP gain. But where have all the jobs gone, and how many have been lost? With fewer American workers able to put money into the American economy, because they've lost their jobs and new ones aren't there for them, will this gain be sustainable? Or will this gain ultimately become like Thursday and Friday in weeks one, two and three?
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