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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (30264)	10/20/2000 6:49:25 PM
From: Oblomov	Read Replies (1) \| Respond to of 436258

I figured that an oosik was the only way that eBay could have "beat the street" -ggg-

To: pater tenebrarum who wrote (30264)	10/20/2000 7:32:29 PM
From: patron_anejo_por_favor	Read Replies (3) \| Respond to of 436258

Crash weighs in on the bizarre NY Post article by Crudele last week calling for direct government intervention in the equity markets: prudentbear.com Lastly, John Crudele had another article in this morning’s New York Post. That I have linked below. As I suspected, his article last week calling for Uncle Al to "save" the market was not a spoof. He was serious. There’s two big fallacies in this article. The first being that the market can be "saved." When the market is ready to go down, it will go down. It cannot be stopped. I don’t care how many manipulations are tried. Ask Japan, their government bought stock all the way down from the Nikkei peak in 1990. Ask an oil trader if Clinton’s numerous pronouncements that oil had topped and should go down ever worked? Ask if the SPR release pushed oil lower? Manipulations are short term band-aids, not a fix. Now, I actually doubt there was any manipulation by the Fed or Federal government on Wed, but I have no doubt that some Wall Street firms were in there trying to jam this piggy higher. It’s in their vested interest to keep this sham going as long as possible. After all, these were the same guys telling you to buy CMGI at $160 (now $17), YHOO at $250 (now $59), and AMZN at $113 (now $31). It's no coincidence that the more and more stocks are far far beneath their highs, yet the indexes magically never take a big fall. You see that would clue in the public to what the Street already knows, that this game is winding down.. slowly to be sure, but it IS ending. At some point it will accelerate as the herd catches on, but for now they continue to blissfully buy bounces as stocks slowly grind lower. The second great fallacy in the article is that we "need" this manipulation to prevent all the innocents from being hurt. Now, nobody likes bad things in financial markets to happen just like they don’t like hurricanes hitting coastal towns. But, to have everyone make an agreement to pretend like a hurricane is not coming so that when it arrives it won’t do damage because damage is bad is just plain nuts. Nobody wants the hurricane to come, but you can’t just ignore it. Mother nature will do what she is going to do. The only way to avoid the problem is to leave town and move inland because whether you are there or not, the storm is going to come ashore. Unfortunately, Crudele is right about one thing. Everybody is going to pay as this bubble deflates. That’s why financial bubbles have such disastrous consequences and why a responsible central banker would act to prevent them from ever occurring in the first place.