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Pastimes : Ask Mohan about the Market

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To: tekgk who wrote (12430)	12/28/1997 3:00:00 PM
From: Tommaso	Read Replies (2) of 18056

yes --I knew about the lines of credit. That could really crack the whip if they dip into those and then the market declines further. My latest idea about what may send the market down is this Y2K thing. I do not mean by that whatever problems computers may have. I mean the psychology of those who believe that everything is going to collapse on account of it. The idea seems to have tremendous appeal. It's like Communists in the 1950s or the crusades--it may well be turning into another chapter for Mackay's book on popular delusions and the madness of crowds. I am turning into a Y2K believer. That is, I believe that there is no doubt that there is a rapidly-growing delusion that the millennium will bring financial chaos. Delusions are real. This may be a wonderful thing for both stock market bears and goldbugs. I have made the mistake already of suggesting that there's nothing to Y2K and the vehemence of those who see in it an explanation of everything that will happen in the next few years is remarkable. If I am right it will be like the barber who started the rumor about the flood. You know that one, don't you?

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