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Politics : Ask Michael Burke
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To: accountclosed who wrote (37391)11/24/1998 9:11:00 AM
From: Tommaso  Read Replies (1) of 132070
 
I think I got the BEARX. Buying mutual funds through Quick and Reilly, the transaction goes through some chanel that doesn't post the results until afternoon of the next day since necessarily the transaction has to be made at the close. But I got an e-mail confirming the order so I assume it went through. If so, I may have got it at the all-time low, which is small comfort when you are sitting on ten times as much bought at higher prices.

About eighteen months agoI began to realize what a flood of new money was getting into the market via automatic purchases in retirement funds (which traditionally--years ago--went mainly into bonds).

Now I really am beginning to wonder what would happen if a lot of people used home equity lines of credit and bought stock. To many, it would look like a win-win move: tax-decutible interest and long-term capital gains.

Some economist or financier was quoted on this or another thread to the effect that with unlimited credit there was no telling what kind of catastrophic speculation would result. Was it one of the Rothschilds?

In any case, I STILL have reserves to to continue to add to my bearish position, and for some time to come.

But I have to admit that this market is like the Return of Frankenstein. Or alternately, imagine Greenspan pulling the stake out of the vampire's heart. Now where's the silver bullet and the crucifix?
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