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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (42722)1/9/1999 9:59:00 AM
From: Mike M2  Read Replies (2) of 132070
 
Mike,one important difference between the current bubble and past bubbles like oil, gold et.al is the magnitude of public participation . The public has more of their net worth exposed to equities than real estate and consider the percentage of the public that is participating in " investing fer da long run" . The past bubble masters also did not have CNBS at their disposal -an all day infomercial for Wall St and the mutual fund industry. Unlike many past bubbles we will all feel the effects of its bursting -even those with no exposure to the mkt due to the negative wealth effect which will certainly (IMO) plunge the US into recession. The U.S. economy is geared up for a level of consumption which is unsustainable ( maladjusted -in austrian terms) stimulated by consumption and debt growing faster than income and the wealth effect of the stock market. It is really quite simple -these trends are not sustainable . The longer the bubble grows the greater the maladjustmnets which means the inevitable decline will be more severe. Mike
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