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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 174.690.0%Dec 24 12:59 PM EST
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To: DaveMG who wrote (13010)7/27/1998 3:39:00 PM
From: John Cuthbertson  Read Replies (1) of 152472
 
"IMO we have witnessed a failure in the way capitalism sometimes allocates resources. The places which have needed capital the most, ie Asia have seen enormous outflows, cash chasing cash flowing into speculative assets here and in Europe."

Dave,
But perhaps you could equally well say 'the places that have received way too much capital investment in recent years have seen enormous outflows.' In other words, what we are seeing now is perhaps not the original failure in resource allocation, but the (painful) process of correction of such a failure, this having been caused in large part by the interventions of various governments in the markets.

==John
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