Richard, there are many excuses for any sell-off. However, the factS ARE: the tremendous expenses for Y2K remediation by the big outfits, yes the DOW 30, a/w/a the S&P 500 types have NOT been booked yet, through some type of accounting "majik" I have yet to fathom.
Those expenditures,
both in wages,
litigation,
identify, remove, procure replacement parts, etc., costs
that will hurt the biggies and wipe out the lil outfits.
And all of these well laid plans won't work when the electricity doesn't go back on except in rolling brown/blackouts that are going to be the norm. That's why Bobby's condo is going to be a prison for her and her pets. A cold, unlit, multiple staircased prision w/out the traditional bars and stripes.
Maybe she can put up with it severe living conditions,
but her pampered extended family won't fare well,
making her an irresponsible pet owner since they didn't ask her to adopt them,
and adding to her chronic depression and sleeplessness.
These symptoms of stress will be especially exacerbated when her current and anticipated income stream is totally decimated.
Very few companies are following Burlington Northern's lead in both their public press release candor as well as their expensing as they go, and how long it will be (believe their date in their press release is somewhere on the far side of 2008) before they can call this Y2K remediation problem fixed.
BN's same press release from late last summer that I am quoting also stated they had been trying for 10 years already to get ready for this thing, and due to unforeseen circumstances had found an addition 30mil LOC that also needed remediation before they could even claim they were done.
Smoke and mirrors accounting usually breaks the mirrors eventually, and great will be the tinkling sounds thereof! CUC comes to mind...
RE: a major dip in golds yet on the come,
we agree there, too.
I've been calling for one more flushout, POSSIBLY Stock Market crash triggered for almost 14 months now. Suddenly those previously expressed sentiments/posited opinions have become "vogue"
Scary, eh?<g>
O/49r |
