Graham and Doddsville -- Value Investing In The New Era Message Board

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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era

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To: porcupine --''''> who wrote (809)	9/25/1998 6:03:00 PM
From: porcupine --''''>	Read Replies (2) of 1722

Daniel: Let me see if I can clarify my (rambling) remarks above. Whether it's called "bankruptcy" or "bailout", the underlying economic reality is this: A government agency has orchestrated the infusion of more capital than the free market was willing to invest into propping up someone's losing bet. This is now capital unavailable for supporting those that make winning bets. And, it weakens the lenders by extending their off-balance sheet exposure to risk. This is similar to East Asia, Russia, India, China, and many other places in this century. What is new is that not only do the lenders not understand the underlying risks, but, apparently, the "geniuses" that thought this up don't understand them either.

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