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Politics : Ask Michael Burke
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To: Ilaine who wrote (37320)11/23/1998 3:42:00 PM
From: Mike M2  Read Replies (1) of 132070
 
CB, there is a limit to this madness -what level I don't know. My guess is eventually a falling dollar will bring this bull to its knees. I expect a steady deterioration in earnings but the Wall St. spin doctors will tell you to ignore the present because the future is so bright that we will all need sunglasses- Rayban or Varnet money is no object for we shall all be rich. let the rest of the world toil producing real goods Wall St will create enormous wealth for everyone and foreigners will be happy to accept our paper dollars for their labor and real goods. Pay no attention to the rising record trade deficits for the demand for the U.S. dollar is infinite. The following is a quote from John K. Galbraith " sometime sooner or later, confidence in the short-run reality of increasing stock prices would weaken . When this happened, some people would sell, and this would destroy the reality of increasing values. holding for an increase would now become meaningless; the new reality would be falling prices. There would be a rush, pellmell, to unload. It was the way the end came in 1929. It is the way speculation will end in the future." from "The Great Crash pp. 174-5 One thing the bulls don't worry about but should is to whom will they sell . Mike
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