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To: russet who wrote (25036)	9/7/1999 4:28:00 PM
From: r.edwards	Respond to of 99985

sorry i was not referring to anyone on this thread, just "news" Dohmen s.p. articles always re:29

To: russet who wrote (25036)	9/7/1999 4:35:00 PM
From: Les H	Respond to of 99985

Free internet access without ads or demographic info Message 11179163

To: russet who wrote (25036)	9/7/1999 4:45:00 PM
From: pater tenebrarum	Respond to of 99985

i fully agree that there are quite a few valid comparisons that can be made between the 1920's and today. the '20's were characterized by immense productivity growth, disinflation, loose monetary policy (too loose in fact, due to the disinflation) and great technological advances. many people were convinced that the new era of high growth and technological progress would justify higher share prices for years to come. in '29, most large U.S. corporations had record earnings and it seemed like an age of prosperity had begun that would continue to power the economy and stocks along. just as academics today are falling over each other with justifications for ever higher stock prices (Glassman: 'stocks should carry no risk premium') they did the very same thing in 1929, and some have inadvertently immortalized themselves thereby (Irving Fisher for instance). the only asset and economic bubbles that are comparable to the 20's are in fact today's in the western world and Japan's in the late 80's. they all share common denominators. and so far, they have all ended in the same manner and usually quite unexpectedly. if one looks at business newspaper headlines of the 1920's, they too are perfectly interchangeable with today's...