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To: ftth who wrote (575)	8/7/2000 2:47:07 AM
From: axial	Read Replies (1) \| Respond to of 46821

ftth - Agreed. Sooner or later reality, in the form of recession, and devaluation, will return. Presently, valuations stop neither investors, or companies, from buying. Price be damned. Most of the signs of a late-cycle boom are present; the measurements of inflation are failing: why? Because inflation has transferred itself to the markets; the old "inflation psychology" is reborn as "buy it now, because you won't be able to afford it in a year." Which is just a restatement of the 'greater fool' argument. The odd thing about it is that it seems to be unavoidable: an intrinsic part of a cyclical phenomenon that, despite the efforts of the central banks, will never disappear.