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To: MythMan who wrote (2903)	7/9/1998 10:49:00 AM
From: Mike M2	Read Replies (3) of 86076

Pete, compare de foreign mkts-it can be useful. The Great Depression started in Dutch East Indies in 1927 . The european mkts fell in 1928 into 1929. Guess where de safe haven was? de U.S. until de fall - History may not repeat but it does rhyme. Some economist said the only thing we learn from history is people fail to learn from history. I failed to learn how gullible the public can be and how irrational mkts can be but I did not think AG would have let the irrational exuberance go so far but the Fed is much more political than I thought- I was young and naive and believed there were some ethical people. Pete what you will learn is that BK is not a myth -the seeds of disaster have been sown and there is no turning back - a most severe dose of tough love is in store for all. It is a mistake to think you are safe because BKs are so infrequent in time -you must examine the conditions: record valuations, public participation, excess debt and capacity, global recession and depressions spreading. Like de 30's the world looks to the US to be the buyer of last resort but our debt loads and rising trade deficits will limit our ability to alleviate this problem. Mike

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