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Technology Stocks : Ascend Communications (ASND)

ASND 212.33

+1.1%

Nov 28 9:30 AM EST

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To: bucky89 who wrote (53392)	8/31/1998 9:41:00 PM
From: Joseph G.	Read Replies (1) of 61433

<<The market rally of the 1920's was a speculative bubble that was not supported by a broad cross-section of the US economy.>> Most economists, contemporary AND modern, strongly disagree. US real GDP increased by 27% from 1924 to 1929, corporate profits doubled from 1924 to 1929, unemployment was 3.7% in 1929, inflation was 0%, US 1929 unit automobile production (how many cars) was not matched until 1956, US unit housing construction per year in the 1920's has been never matched again, even this year. That was the New Era of Prosperity. The Dow peak P/E was 19.4 in 1929, lowest dividend yield was 3.2%. <<There was no middle class in those days,>> Henry Ford said in early 20's: if my workers can't afford to buy my cars, then who will buy them?

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