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Strategies & Market Trends : Bill Fleckenstein, the BEAR! Is he finally right? -- Ignore unavailable to you. Want to Upgrade?

To: Colleen M who wrote (230)	3/2/2000 1:51:00 PM
From: Mike M2	Read Replies (2) \| Respond to of 259

Lew, my take is back then he had it right and was intellectually honest. Now he has become a politician thinking only short term. So much attention is devoted to talk of a new era but so little to the fact both corporations and consumers are taking on debt like never before. In 1998, companies spent 125% of their earnings to repurchase stock ( debt financing)- this is not sustainable. it is not simply a matter of debt but how is this debt used for productive enterprise or financial engineering. Companies repurchase stock so management can make money on their stock options but they are mortgaging the futures of their companies to do it. mike