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Politics : Ask Michael Burke

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To: Oblomov who wrote (51755)	3/13/1999 12:03:00 PM
From: Mike M2	Read Replies (1) of 132070

AA, not everyone on this thread expects to see product price inflation . The inflation of money and credit primarily went into the financial markets. I do not expect easy Al to tighten but I do expect the markets to tighten credit for lower quality debtors. I also expect a continuation of the decline in corporate profits that we have seen for the last year. The new era thinking bred over confidence and over indebtedness and the process develops into a self reinforcing trend - a bubble until it reaches a point where balance sheets are so strained that a retrenchment in unavoidable. At this point the process of debt liquidation feeds on itself. To see what the future holds look to the past - US 1920's, Japan 80's, SEA since 1997. Mike

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