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Politics : Ask Michael Burke

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To: Tommaso who wrote (44857)	1/28/1999 5:45:00 PM
From: Don Lloyd	Read Replies (2) of 132070

(When I first read the BBC account of what he said, I agreed with your point of view, but when I looked more carefully, I saw that his unwillingness to say anything bad about the great rise in the Internet stocks could be construed as a tacit endorsement as speculation as just part of what was "good for our system.") If you had studied Austrian Economics, you would realize that all human actions are 'speculations'. Every time you go to sleep, you are speculating that the sun will rise and that your house will not have burned down around about you. AG noted that virtually all of the internet companies will fail. But this is exactly what also happens to business startups in general. Would we really be better off if everyone invested only in 'safe' companies like Microsoft? Or if Edison only tried to make electric incandescent filaments out of materials that he was sure would work? I heard AG directly, and heard nothing that wasn't at least defensible. I don't buy lottery tickets, or internet stocks, but there clearly will be some winners in both cases, as well as entertainment value. -g- Regards, Don

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