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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Yogizuna who wrote (65176)	7/25/1999 6:51:00 PM
From: Mike M2	Read Replies (3) \| Respond to of 132070

Hey Yogi HO HO HO From Peter Eliades website: In our newsletter of February 21, 1997, we published a long quote from the New York Times dated September 5, 1929, just five days after the record close of 380.33 on the Dow Industrials on August 30, 1929. This is probably the most apt paragraph from that quote dated September 5, 1929: “We are living in an age of increasing prosperity and consequent increasing earning power of corporations and individuals. This is due in large measure to mass production and inventions such as the world never before has witnessed. The rapidity with which worthwhile inventions are brought out is the result of the tremendous research laboratories of our great [technology companies]. Applications of these inventions to business means greatly enhanced earning power. This is a new and tremendously powerful factor in the [business] world and one which never before existed.” Just before that paragraph, the gentleman said, “Stock prices are not too high and Wall Street will not experience anything in the nature of a crash. There may be a decline in stock prices, but not anything in the nature of a crash.” The fact that the Dow was down 47% in less than ten weeks from the date that quote was published is scary indeed. The gentleman who spoke the words quoted above was Professor Irving Fisher of Yale University, acknowledged at the time as being a stock market expert. stockmarketcycles.com