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To: d:oug who wrote (44372)	10/31/1999 1:43:00 AM
From: d:oug	Respond to of 116759

safety & rational thought - pushed aside by speculators and derivative players Le Metropole members, David Tice has served commentary at Hemingway Table. David Tice The Prudent Bear Fund ticed@prodigy.net October 29, 1999 Greenspan, Again, Throws Gas on the Fire It has been a most humbling period. The bull, wounded but more ferocious than ever, proved it still had enough energy to go for blood..... What a difference a couple of weeks makes ... bullish euphoria has returned... ... the past two weeks only confirms the dysfunctional nature of stock market dynamics. Unfortunately, after years of endemic speculation and derivative proliferation, the real investor has been pushed aside by the powerful speculators and derivative players that have come to dominate the marketplace. And with both contingents using aggressive strategies incorporating heavy leveraging and active trading, the marketplace has become irreparably maligned and is now constantly susceptible to disjointed trading and hyper-volatility. Indeed, the market is now held dangerously hostage to forces that only increasingly undermine the soundness of our financial system and economy. Moreover, the longer this is allowed to continue, the greater the unavoidable cost. And this is why bubbles, without exception, always end painfully..... ... financial stocks went into a panic "meltup" that was quickly followed by a similar move in the technology sector. The market has been overwhelmed by an historic short squeeze and derivative-related dislocation..... David Tice, The Prudent Bear Fund, October 27, 1999 All the best, Bill Murphy, Chairman Gold Anti Trust Action (GATA) gata.org Le Patron, Le Metropole Cafe lemetropolecafe.com