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To: Step1 who wrote (8689)	8/4/2000 12:33:15 AM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

it was 12,800....like i mentioned before, there's a valid count looking for the termination of the Nikkei bear market in the 8,000 area. that could only come about in connection with a huge crisis imo. Japan still labors under the after-effects of the burst bubble...a decade of muddling through has achieved more or less nothing but an enormous budget deficit. imagine if the US economy were to go into reverse, falling imports, rising savings rate, falling stock prices...the last remaining viable sector (exports) of the Japanese economy would get into trouble. Japan continues to stand as a constant reminder that neither Keynesianism nor Monetarism hold all the answers...in fact, they continue to fail in Japan in monumental fashion. thus the belief that Greenspud will always be able to print all ills away is extremely misplaced...it borders on religious faith by now as so far all crises were in fact drowned successfully in a flood of fresh debt, but the denouement of the credit bubble will most likely be very disorderly and not susceptible to the wonders of the printing press when the time is ripe. first though, we must get the bubble to inflate some more...the subsequent lesson should be a generational event. good night!