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Non-Tech : Derivatives: Darth Vader's Revenge -- Ignore unavailable to you. Want to Upgrade?

To: Thomas M. who wrote (999)	3/7/2000 9:28:00 AM
From: Worswick	Read Replies (2) \| Respond to of 2794

As I said one thousand posts ago, "One worries. What does this portend for our own banks where all derivative contracts appear to be cross linked? Is the global financial system about to be swamped with between $100 trillion and $500 trillion in unresolvable derivative contracts? Where does one hide in this scenario? ... when this sucker goes down with $200 billion of margin debt in the stock market system... all the boats won't float... they will simply sink. Eventually, they will run out of tape, bubble gum, glue and Greensthink... To quote Fleckenstien today, in the land of the Bubbleonians all is well "...In the mania chronicles.... my cousin is a chiropractic student in San Jose. Her college is right next to the Cisco campus. She came home yesterday and told me she had taken her tuition money and bought the Palm spin-off. She does not come from a wealthy family. She is 100 percent on loans and grants. "All of her friends are taking their tuition money and doing the same. What is even scarier is that they are also trading penny stocks. Of course some of them are making money and are supposedly paying off their loans. I suspect they are not paying off their loans if they make money. If this isn't bad enough, she also told my mother and I that she and her friends are taking out low interest credit cards and opening trading accounts. Of course they are margining this amount as well. "Mind you this is a person who doesn't watch TV or read. She literally does not know who the president of the U.S. is (she is Canadian, but she doesn't know who the prime minister of Canada is either)." Amazing. Best to all of you occassional readers, Clark