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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: William H Huebl who wrote (44062)	10/18/1999 4:50:00 PM
From: GROUND ZERO™	Read Replies (1) \| Respond to of 94695

Maybe we'll rally again tomorrow, at least for the first few hours..... GZ

To: William H Huebl who wrote (44062)	10/21/1999 10:17:00 AM
From: Bill Ounce	Read Replies (1) \| Respond to of 94695

USA Today -- previews of post crash testimony Looks like the big shots are getting ready just in case there is a big meltdown ahead... So my concerns of a possible crash are not quite as isolated as I thought :-) usatoday.com NEW YORK - The Dow Jones industrial average is still above 10,000, within 10% of its all-time high. Yet if you listen carefully, you can hear witnesses practicing their testimony for congressional hearings into the next market crash. The 1990s bull market has gone so long and created so much wealth that many veterans feel something must be wrong. Even before the bull run ends, regulators, lawyers, accountants and scholars are talking about possible reforms and pointing fingers. Some of their efforts are well-meaning attempts to do their jobs and prevent trouble. Others are probably self-serving statements to protect their reputations and shift the blame for a crash to others . It is hard to separate the motivations. Previews of post-crash testimony are airing in university conferences and the speeches of Alan Greenspan and Arthur Levitt, chairmen of the Federal Reserve and Securities and Exchange Commission, respectively. Greenspan has been warning of irrational exuberance since December 1996. Joshua Ronen, professor at New York University's Stern School, somewhat inadvertently staged another preview here this week during a roundtable of finance professionals discussing whether investors need protection in speculative markets. The first position was staked out by Jack Bogle, the retiring chairman of Vanguard Group, who attracted tens of millions of individuals to the stock market by crusading for long-term investing in Vanguard's index funds. Bogle charged that the market is being lifted by "a happy conspiracy." Corporate officers use clever accounting to report good earnings, while investors and analysts play along. Investors have given up analysis for short-term speculating on what others will buy. "We're all traders now," Bogle said. [...] Whether the bull dies in a day or over months, Wall Street and Washington will hold post-mortems to assure wounded investors that those to blame have been fingered and purged and that the market is safe again. It is a self-sustaining process of American capitalism, one already underway.