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To: TheStockFairy who wrote (59272)	8/30/1999 12:31:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 86076

SF, the bull market has had the effect of allowing companies to overstate their earnings due to ESOP's and pension fund surpluses. what's more, corporate debt has risen to record levels, and the debt has been used to buy back inflated stocks. once the market takes a bad turn, all this will come back to haunt corporate America. future economic studies will show that the misallocation of resources has been a main feature of the bubble economy of the nineties. the credit and asset bubbles have distorted the underlying fabric of the economy to such a degree, that the unwinding of the excesses will likely be brutal...