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To: Ramsey Su who wrote (34036)	7/5/1999 6:36:00 PM
From: R.V.M.	Respond to of 152472

The BIS says that ...computers may become an important source of productivity in future years, and ...."unless and until that happens...."? That's really funny--or what am I missing? The democratization of knowledge is leading to the democratization of power, including economic power. Some just can't stand it. Not taking cover yet, Jill

To: Ramsey Su who wrote (34036)	7/5/1999 6:46:00 PM
From: mauser96	Respond to of 152472

All expansions have a bubble like quality about them. If I remember correctly, at one time the value of real estate in Tokyo was more than that of the entire USA. We have a long way to go here before reaching that ridiculous level. I'm especially amused by the claims of little productivity gains from use of computers. I'm sure most of the SI users that have been in markets more than a few years can give evidence of vast productivity gains from their own personal use of computers and the www to select investments. Who would want to go back to the bad old days of depending on brokers and the newspaper for information? There have been vast increases in productivity, it's just that the economists haven't figured out how to measure it. Yes, we will have a nasty cyclical bear market eventually but that won't change the tech revolution. Prudent investors will survive it until the next bull. The secular bull has years to go. In fact part of the cycles themselves were due to things like lack of inventory control that computers have mitigated.