Justa: re: Help!:
Here's the bullish argument:
1. Baby boomers worried about retirement will continue to pump money into the stock market, regardless of the fundamentals. They will continue to buy on the dips, and will not shift money into cash or bonds.
2. emerging markets, especially the asian tigers, will grow rapidly.
3. U.S. multinationals that invest heavily in those emerging markets will grow rapidly. Banks that lend money to companies in those emerging markets will make money. The sober, smart bankers and businessmen who send money to places like Malaysia and Russia know what they're doing.
4. East Asia will recover from its problems as rapidly as Mexico did, because there are no systemic or fundamental problems.
5. The IMF will quickly fix any problems in any over-leveraged economy, no matter how big. All that's needed is some liquidity to get them through their short-term crisis.
6. Russians will learn the rule of law, Japanese will learn how to quickly and publicly admit mistakes, East Asian dictators will meekly submit to international market discipline, and Latin Americans will start financing growth by internal savings.
7. There will be no protectionist backlash in the U.S., even if the trade deficit doubles from today's high levels.
8. The Internet and JIT will end the business cycle, by letting everyone know and act on everything emmediately, so there will never again be over- or under-supply of anything.
9. Therefore, earnings will only go up, and
10. inflation will never go up.
11. Santa Claus is coming to town.
Is that enough bull for you?
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