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To: CYC who wrote (15796)	9/3/2000 11:55:07 PM
From: LLCF	Read Replies (3) \| Respond to of 436258

<Many theories that justify the high equity prices in US have been presented and sometimes with convincing arguments. Just the other day, it was mentioned that peace dividends serve to keep this wonderful prosperity afloat.> The interesting thing to me is that EXCEPT for the peace dividend, there are no other 'justifications' that I can think of that haven't been brought up BECAUSE of the high equity prices... ie. they all seem to me to be justifications, the peace dividend is the only one that was talked about AS the Soviet Union was falling apart... how great it would be for the economy and stock market. Other than trade with the soviets [still negligable] the only advantage I can think of for our economy is savings in defense spending... it seems impossible to me that the savings we've seen in defense spending justifies the returns in the stock market. DAK