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To: Rarebird who wrote (80568)	12/21/1999 3:25:00 AM
From: Tim McCormick	Respond to of 86076

>What I am saying is that stocks are being reevaluated fundamentally speaking, in accordance with the Internet, as the new primary engine of economic growth.< The internet is not more revolutionary than the Sears catalog or the printing press. We are becoming a nation of illmannered greediots staring at boxes of lights, losing our ability to be civil. The new era of valuation is an illusion of excess liquidity, excess debt, and risk denial. We are squandering the good health acquired by the painfull medecine of Paul Volcker. We are gambling with the loss of confidence in fiat money, pushing our military/economic/currency hegemony to the limits. We are institutionalizing moral hazard and unnaturally micromanaging the business cycle. 100 years ago frugality was a virtue on par with honesty and compassion. Gluttony and speculation were sinful. Today we have instilled a generation with a speculative mindset as children gloat over cheating one another out of beany babies and pokemon cards. It is all part of the cycles of human nature. World dominate cultures rise and fall as they swing from extremes.

To: Rarebird who wrote (80568)	12/21/1999 2:55:00 PM
From: Ken98	Read Replies (3) \| Respond to of 86076

Rarebird, "truth" is a dead concept in the New Era. Perception is the New Truth. "Spin" sits at the throne of the New Era and "controlling expectations" is how it rules. Be it earnings expectations by HP or be it video depositions by our commander in chief - if you control the expectations you control the reality. That is the only truth that matters. The American public does not want the "truth" in any sort of classical definition like to which you (correctly) refer - they want to hear what makes them feel good. We bombed Serbia to stop the "atrocities". We feel good. Don't tell us that the "atrocities" did not occur like we thought. The Russians are doing much the same things right now in Chechnya. Don't tell us. It would not make us feel good. There is no doubt that the internet is revolutionary, but it is no more so than the railroad, electricity, radio or air travel were revolutionary in their times. And in each instance of these "revolutionary" technologies there was excessive speculation by the general public leading to excess capacity in that industry. My point is not that the internet is an insignificant medium of communication. Rather, that (1) the hype surrounding the internet and the valuations afforded these stocks is not warranted, and (2) the empirical search for truth is a fortunate byproduct of the internet but is not the driving force behind the medium known as the internet and the general public could not give a rat's ass about that aspect of the internet. Regards, Ken.