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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: Naveen Kumar who wrote (17815)	8/28/1999 2:11:00 PM
From: Skeeter Bug	Read Replies (1) \| Respond to of 18056

naveen, gdp, as measured in real dollars, has not been going up significantly faster in the 90s than in the 80s. productivity is seeing the no growth. do you know what chained dollars are? it behooves you to find out b/c it is an accounting gimmick. gdp has been growing 2-2.5% for quite some time and it hasn't changed that. the 4% reported numbers are fantasy due to chained dollars. with employment near all time lows and gdp rolling along at almost flat... where is this productivity improvement? doesn't exist. that is the data. the key to your thesis is "going." it isn't here yet, why should we all expect a huge change later? i'd also suggest that you look into how the negative savings rate, the monetization of stock and real estate assets, and the massive double digit increases in debt are affecting stock prices. none of these, btw, are sustainable trends. however, by definition, most folks don't see a bubble while it is occurring...