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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Benkea who wrote (25950)	9/15/1999 6:01:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 99985

Benkea, the (irresponsible) connivance of CNBC with WS's sell side as opposed to independent reporting is a well known fact. after all, who aside from the few remaining shorts wants to hear about declining prices? and guess who pays CNBC's bills with their advertising? if you want independent views, stick to this thread... regards, hb

To: Benkea who wrote (25950)	9/15/1999 6:12:00 PM
From: Giordano Bruno	Read Replies (2) \| Respond to of 99985

Another mania piece with a psychological slant... Chancellor makes an interesting side case that social and political attitudes are equally important in determining the course of a mania. The crucial ingredients are a public belief in unending gains that is allowed to run rampant, and a laissez-faire attitude (or worse, corruption) in government. Add to that the average person's universal fear of loss, the herd mentality and the psychology of gambling, and the result is a speculative mania, not a healthy “bull market.” Why is the carnival of capitalism, “the feast of fools” where the village idiot becomes carnival king, so popular in financial markets of any era? Because speculation breaks the rules: a mania upends the rules of capitalism such as a devotion to a profession, honesty, thrift and the hard grind. Chancellor cites the venerated economist John Keynes' observation that speculation, like gambling, wins out often over plain old investing because the latter is “intolerably boring and over exacting.” abcnews.go.com