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Pastimes : Ask Mohan about the Market
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To: Sam Citron who wrote (9472)11/26/1997 9:59:00 AM
From: Cynic 2005  Read Replies (2) of 18056
 
Sam, I think I know Mike's answer but let me give you mine:

1. Yes the US equity market is currently a bubble. Many "new-era" believers don't believe it.
2. By many yard-sticks the market is at least 40% overvalued.
3. The cheap money policies of the Feds have helped create this bubble. Price inflation for consumer goods is all that matters to AG. That is less of a problem than the asset inflation. In a paper he wrote in the 60's, AG balmed the cheap money policies of the Feds in the 20's as the root cause of the depression in the 30's. Yet, he appears to be steering the country in the same direction now.

-Mohan
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