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To: Giordano Bruno who wrote (59120)	8/27/1999 5:25:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 86076

Jim, all this is, is AG confirming what everybody on WS has known for a long time already - and conveniently chosen to ignore. why do you think CSCO was bid up yesterday after paying the highest price/sales ever paid in a corporate takeover? simple: everybody knows that they will misuse this to massage their earnings, and the WS bulls just love to be lied to competently. of course the game will end one day, and in a few terrible weeks the bull market and all it's excesses will be history. the very same shabby accounting tricks that companies use now to beef up their reported earnings will then work in reverse and pressure stocks even more - the bull market has in many respects sown the seeds for it's own demise, and assured that the next bear market will indeed be a most painful affair. i'm itching to see the bullish cheerleader claque rendered absolutely speechless by the magnitude and swiftness of the collapse... it will be interesting to see how fast the financial services industry will shrink...ultimately i expect that 70-80% of the mutual funds now extant will be extinct when the bear has had it's way, and similar percentages of WS jobs may well disappear. it is interesting to see how for instance internet "analysts" were rushing to upgrade the nutz in August on the grounds of upcoming 'holidays excitement' which won't be here until December, just as the sector was close to falling off a cliff...i suspect the ladies and gentlemen in question were partly motivated by fear for their jobs, which are largely a waste of time and money anyway. AG's statements will of course be completely forgotten come monday and the mania will roar on...