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To: Elmer who wrote (11149)	6/12/1999 11:43:00 PM
From: zalesky	Respond to of 29970

To Witwer: I wish they would raise them at least a quarter on Monday. Of course they wouldn't dream of screwing up their plans of letting this market stumble and continue to fall into the end of the month. Lousy Bast.....!!!

To: Elmer who wrote (11149)	6/13/1999 12:12:00 AM
From: ahhaha	Read Replies (2) \| Respond to of 29970

1987 was a computer generated farce. Lots of guys who should know better all with their hands in the till since they couldn't make an honest dollar milking the machinery they built. The specialist was particularly a failed function. They just loved the sidecar and their access to the CBOE, but when the very thing that enabled them to take advantage of arbitrage, computer disseminated information, came back and smashed them into the Stone Age, they walked off the floor and let the latrine orderly bid what he would. This is the august body of pros who are above reproach. It makes you want to believe in the rantings of Richard Ney. What else is humorous is if you ask various people what caused the crash you get about 10 different reasons. Since I was intimately involved I can tell you that nothing macro caused it. As usual, the macro was a convenient excuse. Not interest rates, the dollar, inflation, the FED, Congress raising taxes, the budget deficit, or all the other ridiculous reasons trotted out by people who still haven't got a clue. The biggest culprit was program trading and all the reports and analyses after the event concluded mostly that aside from that they couldn't figure out what caused it. The days after the crash the market churned incredibly. It did this because few believed at that time that the US was worth 2 cents. The corporations came out and said, "we'll buy back our stock because we know nothing is wrong". You could tell they didn't believe it. In California no one really cared because their speculations in real estate were screaming upward, so they wouldn't care if the rest of the US fell into the Atlantic. To them east of the Sierras wasn't worth 1 cent. The attitude of the times were well characterized by the film, "Wall Street". The major character and bad guy, Gordon Gecko, was presumably representative of guys like Robert Vesco or Milken. What is interesting is that Gecko seems tame now in comparison with the vast majority of SI greed bound crazies. To think Gecko was so bad and the nonsense I read continually on SI is ok, borders on the absurd. It is hard to find where Gecko broke the law and don't try to contradict me here by making claims about trading on inside information which we KNOW never happens now. In comparison to what is standard and daily fare in the modern world of Wall Street Gecko was a lamb. The Crash of 1987. Another reason to avoid Wall Street. The public knows this. They love Wall Street as long as the casino action is hot. Fortunately these days few ever talk about stocks and people are responsible. They wouldn't sell in a panic. They're in for the long term. Long term what?